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The Securities & Exchange Commission (“Commission”) creates the Clovis Oncology Fair Fund

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DENVER, July 12, 2021 / PRNewswire / –

UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF COLORADO

SECURITY AND EXCHANGE COMMISSION,

Applicant,

v.

Case n ° 1: 18-cv-02381-CMA

CLOVIS ONCOLOGIE, INC.,

PATRICK J. MAHAFFY, and

ALDER T. MAST

Defendants.

SUMMARY OPINION OF THE CLOVIS FAIR FUND DISTRIBUTION PLAN

AT:

Individuals and entities who purchased or otherwise acquired ordinary shares of Clovis Oncology, Inc. (“Clovis” or the “Company”) during the period July 7, 2015 to November 13, 2015 inclusive (the “Relevant Period”) and suffered a loss in accordance with the Plan of Distribution (the “Plan”). You may be eligible for a distribution payment from the Clovis Fair Fund

PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU MAY BE ELIGIBLE FOR A CLOVIS FAIR FUND RECOVERY.
THIS NOTICE CONTAINS IMPORTANT INFORMATION
CONCERNING YOUR RIGHTS.

About this case?

At September 18, 2018, the Commission brought a complaint (the “Complaint”) against Clovis Oncology, Inc. (“Clovis”) and Patrick J. Mahaffy (“Mahaffy”), its Chief Executive Officer, and Alder T. Mast (“Mast”), its former CFO (collectively, the “Defendants”). The complaint alleged that over a period of four months beginning in July 2015, Clovis and Mahaffy misled investors about the effectiveness of Clovis’ flagship lung cancer drug, Rociletinib, compared to another drug. Clovis bred around $ 298 million in a takeover bid in July 2015 but saw its course collapse in november 2015 after revealing that the efficiency rate was actually 28%, up from the 60% efficiency figure that had been touted in investor presentations, press releases and SEC documents. The company stopped development of the drug in May 2016. The Commission alleged, in part, that Clovis violated section 17 (a) (2) of the Securities Act of 1933 and section 13 (a) of the Securities Exchange Act of 1934 (“Exchange Act”) and the Rules 12b-20 and 13a-11 below.

The defendants were ordered to pay a total of $ 20,804,145 in restitution, interest before judgment and penalties to the Commission. The funds were deposited into an interest-bearing account at the Bureau of Fiscal Service of the United States Department of the Treasury.

At July 2, 2019, the Court created a Fair Fund, in accordance with Section 308 (a) of the Sarbanes-Oxley Act of 2002, so that penalties paid, as well as restitution and pre-judgment interest, could be distributed to investors the conduct of the defendants described in the complaint. The Court also appointed Miller Kaplan Arase LLP as tax administrator to fulfill the tax obligations of the Fair Fund.

At December 2, 2019, Epiq Systems (“Epiq”) has been appointed as the distribution agent of the Fair Fund to help oversee the administration of the distribution of the Fair Fund.

The Order Approval Distribution Plan for the Fair Fund was completed on May 19, 2021 and provides for the distribution of the Clovis Fair Fund, plus interest, less taxes, investment costs and fees and expenses. tax and fund administration (“Net Available Fair Fund”) to eligible claimants, as defined by the scheme.

Who is eligible for compensation?

If you purchased or otherwise acquired common shares of Clovis during the period from July 7, 2015 through November 13, 2015, are not excluded from the Fair Fund and have suffered a loss in accordance with the Plan of Distribution (the “Plan”), you may be eligible for a payment from the Clovis Fair Fund. If you have previously submitted an authorized claim in the related class action Medina c. Clovis Oncology, Inc., et al., Civil action n ° 1: 15-cv-2546-RM-MEH (D. Colo. Aug 4, 2017), you do not need to submit a claim form to participate in the Fair Fund, unless you want to change your claim. Any modification to a complaint must be postmarked or received no later than October 6, 2021. If you purchased Clovis common stock during the relevant period and your claim was not authorized, you must submit documentation to resolve any deficiencies so that it is stamped or received no later than October 6, 2021. If you have filed an exclusion from the Notice of Class Action portion of the Class Action and wish to participate in this Fair Fund, you will need to submit a Claim Form so that it is stamped or received no later than October 6, 2021. The methodology used to determine eligibility and calculate distribution payments is set out in the plan.

How to get a plan notice and a claim form.

Class action claimants do not need to submit a claim form to participate in the Fair Trade Fund, but may wish to modify their claim. Unauthorized class action claimants will be required to submit information in order to remedy deficient claims. Potentially eligible claimants who have requested exclusion from the related class action suit must submit a claim form. Claim forms, along with the distribution plan notice and other information, can be obtained from the Fair Fund website at www.ClovisFairFundDistribution.com, by calling a toll-free number 833-991-0978, by sending an email to [email protected] or by writing to Clovis Fair Fund, P.O. Box 5270, Portland, OR 97208-5270. Claim forms and all requested documents must be mailed or submitted to the above address no later than October 6, 2021.

SOURCE // Epiq

URL // www.ClovisFairFundDistribution.com

Cision

Cision

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SOURCE Epiq Class Action & Claims Solutions Inc

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