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Welcome to the SEC v. Chang Fair Fund Website


IMPORTANT UPDATE

On January 23, 2018, a Supplemental Notice was mailed.  If you received the Supplemental Notice, please note the Claims Bar Date has been extended to March 9, 2018.  If you already filed a Proof of Claim Form in response to the June 16, 2017 original mailing, you DO NOT need to resubmit a new Proof of Claim Form.



If you purchased Allied Nevada Gold Corporation ("Allied Nevada") common stock during the Relevant Period (the period of time commencing on January 14, 2014 at 6:00 a.m. EST and continuing until 11:59 p.m. EST on January 14, 2014) and sustained a loss, you may be eligible to share in the distribution of the $5,875,583 fund.

YOUR LEGAL RIGHTS AND OPTIONS 
Submit A Claim This is the only way to be considered for payment. 
Do Nothing You will not be considered for payment.
Deadline Claim Forms must be Postmarked no later than March 9, 2018

The following is a summary of information presented in more detail in the Fair Fund Notice which you can access by clicking the Fair Fund Notice link on the left.  Since this is just a summary, you should read the full Fair Fund Notice for additional details.

DETAILS OF THE SEC'S SETTLEMENT WITH DEFENDANTS

On July 28, 2014, Commission filed an Amended Complaint against Luis Chang (“Chang”) and Everbright Development Overseas Limited (“Everbright”) (collectively “Defendants”) alleging that Everbright violated Section 17(a) of the Securities Act of 1933 (“Securities Act”) and Sections 10(b) and 13(d)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rules 10b-5(a), 10b-5(c), and 13d-1 thereunder; and, Chang violated Section 17(a) of the Securities Act and Sections 10(b), 13(d)(1) and 14(e) of the Exchange Act and Rules 10b-5, 13d-1, and 14(e)-8 thereunder.  The Commission also alleged that Chang, as Everbright’s control person, was liable for Everbright’s violations of the Exchange Act, under Section 20(a) of the Exchange Act. The Commission charged the Defendants in connection with a scheme to manipulate the market for the common stock of Allied Nevada, a publicly traded American mining company.

On May 15, 2015, the Court entered a final judgment against the Defendants (“Final Judgment”), finding that they were jointly and severally liable for disgorgement of $2,890,507 and for prejudgment interest of $94,569.  In addition, Chang was found liable for a civil penalty of $2,890,507.  Defendants satisfied these obligations by paying a grand total of $5,875,583.  Payments made by Defendants were deposited into an interest bearing account with the Court Registry Investment System (“CRIS”) under the case name designation “SEC v. Chang, Case No. 14-cv-4132 (S.D.N.Y.)”.  The SEC v. Chang Fair Fund constitutes a Qualified Settlement Fund under Section 468B(g) of the Internal Revenue Service, 26 U.S.C. § 468B(g), and related regulations, 26 C.F.R. §§ 1.468B-1 through 1.468B-5.

These funds, together with any interest and income earned thereon, calculated after deductions expended or to be expended for taxes and fees (the “Net Fair Fund”), will be distributed in accordance with the provisions of the Distribution Plan to the Eligible Claimants as defined in the Fair Fund Notice who file timely and valid Claim Forms following the procedures set forth in the Fair Fund Notice and on the Claim Form.

HOW TO RECEIVE A DISTRIBUTION PAYMENT

To qualify for a Distribution Payment, you must file a signed Claim Form with the Distribution Agent postmarked on or before the extended Claims Bar Date, March 9, 2018.  A Claim Form was included with the Fair Fund Notice or you may download a Claim Form via the Claim Form link on the left.

Be sure to complete all information requested on the Claim Form that applies to you, sign the form and include sufficient documentation reflecting your holdings, purchases and sales of Allied Nevada common stock as requested.  If you do not provide all required information and sign the Claim Form, your claim may be rejected.

FURTHER INFORMATION

Further information regarding the Distribution, the Fair Fund Notice and how to file your Claim Form may be obtained by contacting the Distribution Agent or through reading the Fair Fund Notice and Claim Form that can be accessed through the Fair Fund Notice and Claim Form links on the left.

Disclaimer

IMPORTANT: THIS SITE IS NOT OPERATED BY LUIS CHANG OR EVERBRIGHT DEVELOPMENT OVERSEAS LIMITED.  THIS SETTLEMENT IS SUPERVISED BY THE SEC. THE DISTRIBUTION AGENT HANDLES ALL ASPECTS OF CLAIMS PROCESSING.  THIS IS THE AUTHORIZED WEBSITE FOR THIS SETTLEMENT.  PLEASE DO NOT RELY UPON OTHER SITES THAT SET OUT DIFFERENT AND UNAUTHORIZED INFORMATION.

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