Nuix (ASX:NXL) share price wobble after company upheaval

It’s another crazy day for the embattled software company’s shares.

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Scared people on a rollercoaster holdingon for dear life, indicating a plummeting share price

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Shares in Nuix Ltd (ASX: NXL) spent this morning on the up, despite the company facing another major shakeup yesterday. Then, over the course of half an hour, the Nuix share price plummeted around 4% for no immediately obvious reason.

At the time of writing, the Nuix share price is 3.99% lower than yesterday’s close ¬≠‚Äď shares in the company are swapping hands for $2.65 apiece.

Yesterday, the embattled software company announced two executives were leaving the company following nearly a month of media criticism.

Quick refresher

In mid-May, Nine Entertainment Co Holdings Ltd (ASX: NEC) media outlets including Australian Financial Review, The Age, and The Sydney Morning Herald published a joint investigation series into Nuix. The series involved 5 daily articles that ran over the course of a week.

The articles included claims that Nuix had been poorly governed and had a history of bad financial disclosures.

They also reported on 2 class actions the company is purportedly facing, questioned its former chair’s ethics, and foreshadowed an Australian Federal Police investigation into a questionable Nuix options package.

The latest news on Nuix

Yesterday morning, Nuix announced its chief financial officer (CFO) Stephen Doyle had been “terminated by mutual agreement”. He will leave the company on 21 June.

Just half an hour later, Nuix chief executive officer (CEO) Rod Vawney notified the market of his retirement from the company. Vawney will continue as CEO until a replacement is found.

On the back of the news yesterday, the Nuix share price rallied 6% higher before falling 2.5% in the final hour of trade.

Former Star Entertainment Group Ltd (ASX: SGR) CFO Chad Barton will step into the role of Nuix’s interim CFO next week.

Nuix share price snapshot

The Nuix share price has been battling through its first year on the ASX.

Currently, the Nuix share price is 66% lower than the day of its initial public offering (IPO) in December.

It’s also 77% lower than its 52-week high of $11.86.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.¬†The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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