Securities & Exchange Commission ("Commission") Establishes Clovis Oncology Fair Fund - Summary Notice of Distribution

DENVER, July 12, 2021 /PRNewswire/ --

PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU MAY BE ELIGIBLE FOR RECOVERY FROM THE CLOVIS FAIR FUND.

THIS NOTICE CONTAINS IMPORTANT INFORMATION

REGARDING YOUR RIGHTS.

What this case is About?

On September 18, 2018, the Commission filed a complaint (the "Complaint") against Clovis Oncology, Inc. ("Clovis") and Patrick J. Mahaffy ("Mahaffy"), its Chief Executive Officer, and Erle T. Mast ("Mast"), its former Chief Financial Officer (collectively, the "Defendants"). The Complaint alleged that, over a four-month period starting in July 2015, Clovis and Mahaffy misled investors about how well Clovis' flagship lung cancer drug Rociletinib worked compared to another drug. Clovis raised approximately $298 million in a public stock offering in July 2015 but saw its stock price collapse in November 2015 after disclosing that the effectiveness rate was actually 28 percent, versus the 60 percent efficacy figure that had been touted in the company's investor presentations, press releases, and SEC filings. The company stopped development on 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 Rules 12b-20 and 13a-11 thereunder.

The Defendants were ordered to pay a total of $20,804,145 in disgorgement, prejudgment interest, and penalties to the Commission. The funds were deposited in an interest-bearing account at the United States Department of Treasury's Bureau of Fiscal Service.

On July 2, 2019, the Court established a Fair Fund ("Fair Fund"), pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalties paid, along with the disgorgement and prejudgment interest, can be distributed to investors harmed by the Defendants' conduct described in the Complaint. The Court also appointed Miller Kaplan Arase LLP as the Tax Administrator to fulfill the tax obligations of the Fair Fund.

On December 2, 2019, Epiq Systems ("Epiq") was appointed as the Distribution Agent of the Fair Fund to assist in overseeing the administration of the distribution of the Fair Fund.

The Order Approving Distribution Plan for the Fair Fund was entered on May, 19, 2021 and provides for the distribution of the Clovis Fair Fund, plus interest, less taxes, investment fees, and fees and expenses of tax and fund administration ("Net Available Fair Fund") to Eligible Claimants, as defined by the Plan.

Who is Eligible for Compensation?

If you purchased or otherwise acquired shares of Clovis common stock during the period from July 7, 2015 through November 13, 2015, are not excluded from the Fair Fund, and suffered a loss according to the Distribution Plan (the "Plan"), you may be eligible for a payment from the Clovis Fair Fund. If you previously submitted an authorized claim in the related Class Action Medina v. Clovis Oncology, Inc., et al., Civil Action No. 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 wish to modify your claim. Any claim modifications must be postmarked or received on or before October 6, 2021. If you purchased Clovis Common stock during the Relevant Period and your claim was unauthorized, you must submit documentation to resolve any deficiency so that it is postmarked or received on or before October 6, 2021. If you filed an exclusion from the Class Notice portion of the Class Action and would like to participate in this Fair Fund, you will need to submit a Claim Form so that it is postmarked or received on or before October 6, 2021. The methodology used to determine eligibility and calculate Distribution Payments are set forth in the Plan.

How to Obtain a Plan Notice and Claim Form.

Class Action Authorized Claimants do not need to submit a Claim Form to participate in the Fair Fund but may wish to modify their claim. Class Action Unauthorized Claimants will be required to submit information in order to cure deficient claims. Potentially Eligible Claimants that requested exclusion from the related Class Action must submit a Claim Form. Claim Forms, as well as the Distribution Plan Notice and other information, may be obtained from the Fair Fund website at www.ClovisFairFundDistribution.com, by calling a toll-free 833-991-0978, emailing Info@ClovisFairFundDistribution.com , or writing to Clovis Fair Fund, P.O. Box 5270, Portland, OR 97208-5270. Claim Forms and all requested documentation must be mailed or submitted to the address above on or before October 6, 2021. 

SOURCE// Epiq

URL// www.ClovisFairFundDistribution.com

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SOURCE Epiq Class Action & Claims Solutions Inc