Wang v. Ampio Pharmaceuticals, Inc. — Entry #111: DECLARATION of Megan Todd regarding MOTION for Order to Distribute the Net Settlement Fund

Case No. 1:22-cv-02105-WJM-CYC                    Document 111           filed 02/06/26        USDC Colorado
                                                   pg 1 of 18


                           IN THE UNITED STATES DISTRICT COURT

                                FOR THE DISTRICT OF COLORADO

    TAO WANG and SYNWORLD
    TECHNOLOGIES CORPORATION,
    Individually and on Behalf of All Others                   Case No.: 1:22-cv-02105-WJM-MEH
    Similarly Situated,

                     Plaintiffs,                               DECLARATION OF MEGAN TODD IN
                                                               SUPPORT OF LEAD PLAINTIFFS’
        v.                                                     MOTION FOR APPROVAL OF
                                                               DISTRIBUTION OF NET
    AMPIO PHARMACEUTICALS, INC.                                SETTLEMENT FUND
    MICHAEL A. MARTINO,
    MICHAEL MACALUSO,
    HOLLI CHEREVKA,
    DAN STOKELY
    DAVID BAR-OR,
    PHILIP H. COELHO, and
    RICHARD B. GILES,

                     Defendants.


             I, MEGAN TODD, declare as follows:

             1.    I am employed as a Project Manager by Simpluris, Inc. (“Simpluris”), the claims

administrator in the above-entitled action. Our corporate office address is 3194-C Airport Loop

Dr., Costa Mesa, CA 92626. I am over twenty-one years of age and authorized to make this
declaration on behalf of Simpluris and myself. I have personal knowledge of the information set

forth herein.

             2.    Simpluris was retained by Plaintiffs’ Counsel to serve as the Claims Administrator

in connection with the Settlement of the above-captioned action (the “Litigation”).1 By the Order

Granting Lead Plaintiffs’ Unopposed Motion for Preliminary Approval of Class Action Settlement

dated September 24, 2024 (the “Preliminary Approval Order”), the Court appointed Simpluris as


1
 All terms with initial capitalizations not otherwise defined herein shall have the meanings ascribed to them in the
Stipulation and Agreement of Settlement dated May 13, 2024.
                                                   Page 1 of 18
    DECLARATION OF MEGAN TODD IN SUPPORT OF LEAD PLAINTIFFS’ MOTION FOR
             APPROVAL OF DISTRIBUTION OF NET SETTLEMENT FUND


Case No. 1:22-cv-02105-WJM-CYC             Document 111         filed 02/06/26     USDC Colorado
                                            pg 2 of 18


Claims Administrator. As Claims Administrator, Simpluris has, among other things: (i) mailed the

Postcard Notice to potential Class Members, brokers, and other nominees; (ii) provided, upon

request, additional copies of the Postcard Notice to potential Class Members, brokers, and other

nominees; (iii) caused the Publication Notice to be published; (iv) created and continues to

maintain a settlement website and posted case-specific documents to the website, including the

Notice of Pendency of Class Action Settlement (the “Notice”) and the Proof of Claim and Release

Form (the “Proof of Claim”); (v) created and continues to maintain a toll-free helpline for inquiries

during the course of the settlement administration; and (vi) received and processed Proofs of
Claim.

         3.      On February 20, 2025, the Court entered the Final Order and Judgment Approving

Class Action Settlement. Simpluris has completed processing all Proofs of Claim received through

January 30, 2026, and hereby submits its administrative determinations accepting and rejecting the

Proofs of Claim in preparation for a distribution of the Net Settlement Fund to Authorized

Claimants. Simpluris also presents this declaration in support of Lead Plaintiffs’ motion for

approval of a distribution plan for the Net Settlement Fund.

              DISSEMINATION OF NOTICES TO POTENTIAL CLASS MEMBERS

         4.      Pursuant to the Preliminary Approval Order, beginning on October 15, 2024,

Simpluris distributed the Postcard Notice to potential members of the Class. As more fully

described in the Declaration of Anne-Marie Marra of Simpluris Regarding Notice and Settlement

Administration (the “Marra Declaration”), dated December 20, 2024, as of December 20, 2024,

Simpluris had mailed 21,714 Postcard Notices to potential Class Members, brokers, and other

nominees. Since December 20, 2024, 7,791 additional Postcard Notices have been mailed. In total,

Simpluris has mailed 29,505 Postcard Notices, or where requested, copies of the Notice and Proof

of Claim form, to potential Class Members, brokers, and other nominees.


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 DECLARATION OF MEGAN TODD IN SUPPORT OF LEAD PLAINTIFFS’ MOTION FOR
          APPROVAL OF DISTRIBUTION OF NET SETTLEMENT FUND


Case No. 1:22-cv-02105-WJM-CYC            Document 111        filed 02/06/26     USDC Colorado
                                           pg 3 of 18


       5.      Pursuant to the terms of the Preliminary Approval Order, Simpluris caused the

Publication Notice to appear once in Investor’s Business Daily and to be issued as a national Press

Release on October 28, 2024. See Marra Declaration ¶¶15-16.

                            WEBSITE AND CONTACT CENTER

       6.      Simpluris established and continues to maintain a Settlement website

(www.AmpioSecuritiesSettlement.com), a toll-free telephone helpline (833-602-5027) and two

(2)          email         inboxes           (info@AmpioSecuritiesSettlement.com               and

broker@AmpioSecuritiesSettlement.com) dedicated to the Settlement to assist potential Class
Members, and a Settlement P.O. Box for receipt of Proofs of Claim and correspondences. The

Settlement website and contact center resources enable Class Members to obtain information about

the Settlement; provide access to important dates relevant to the Settlement, including the

exclusion, objection, and claim filing deadlines; provide access to important documents relevant

to the Settlement, including the Notice, a downloadable paper version of the Proof of Claim, and

an online Proof of Claim module where Class Members and nominees were able to submit their

claims electronically.

            PROCEDURES FOLLOWED IN PROCESSING PROOFS OF CLAIM

       7.      Under the terms of the Preliminary Approval Order and as set forth in the Notice,

each Class Member who wished to be eligible to receive a distribution from the Net Settlement

Fund was required to complete and submit to Simpluris a properly executed Proof of Claim

postmarked no later than, or submitted online by, January 13, 2025, together with adequate

supporting documentation for the transactions and holdings reported therein. Through January 30,

2026, Simpluris has received 24,159 Proofs of Claim. 24,120 Proofs of Claim were received on or

before January 13, 2025. An additional 39 claims were received late but otherwise processed in

accordance with the procedures outlined below. All 24,159 Proofs of Claim have been fully

processed.


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 DECLARATION OF MEGAN TODD IN SUPPORT OF LEAD PLAINTIFFS’ MOTION FOR
          APPROVAL OF DISTRIBUTION OF NET SETTLEMENT FUND


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                                            pg 4 of 18


        8.      In preparation for receiving and processing Proofs of Claim, Simpluris: (i)

conferred with Plaintiffs’ Counsel to define the project guidelines for processing Proofs of Claim;

(ii) created a unique database to store Proof of Claim details and images of Proofs of Claim and

supporting documentation; (iii) trained staff in the specifics of the project so that Proofs of Claim

would be properly processed; (iv) formulated a system so that telephone and email inquiries would

be properly responded to; (v) developed various computer applications for entry of Class

Members’ identifying information, as well as their transactional information; and, (vi) developed

a proprietary calculation module that would calculate Recognized Loss pursuant to the Court
approved Plan of Allocation of Net Settlement Fund Among Class Members set forth in the Notice.

        9.      The Notice directed Settlement Class Members, brokers, and other nominees

seeking to share in the Net Settlement Fund to submit their Proof of Claim forms to the P.O. Box

address specifically designated for the Settlement, to upload their Proof of Claim forms online

through the Settlement website, or to submit claims to the Simpluris team that handles large

electronic filing operations (the “Securities Team”). All physical and electronic correspondence

received have been reviewed and, where necessary, appropriate responses have been provided to

the senders.

                          PROCESSING PAPER PROOFS OF CLAIM

        10.     Of the 24,159 Proofs of Claim received by Simpluris through January 30, 2026,

110 were paper Proofs of Claim. Once received, these Proofs of Claim were opened and prepared

for scanning. This process included unfolding documents, removing staples, copying

nonconforming sized documents, sorting documents, and, where claimant identification

information was not provided on the Proof of Claim, copying and attaching the envelope with the

return address to the file.

        11.     Following this manual preparation, the paper Proofs of Claim were scanned into a

database together with all accompanying documentation. Subsequently, each Proof of Claim was

assigned a unique Proof of Claim number (a “Response ID”). Once scanned, the information from

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 DECLARATION OF MEGAN TODD IN SUPPORT OF LEAD PLAINTIFFS’ MOTION FOR
          APPROVAL OF DISTRIBUTION OF NET SETTLEMENT FUND


Case No. 1:22-cv-02105-WJM-CYC              Document 111         filed 02/06/26        USDC Colorado
                                             pg 5 of 18


each Proof of Claim, including the name, address, and the Claimant’s account number/information

from his, her, or its supporting documentation, and the Claimant’s purchase/acquisition

transactions, sale transactions, and holdings listed on the Proof of Claim, was entered into a

database developed by Simpluris to process Proofs of Claim submitted for the Settlement. Next,

the documentation provided by each Claimant in support of his, her, or its Proof of Claim was

reviewed to determine: (i) whether the Claimant traded in Ampio Pharmaceuticals (“AMPE”)

common stock during the Class Period; (ii) whether the transaction information entered on the

Proof of Claim was supported by the documentation; (iii) that the Claimant did not have any
additional trades not reflected on his, her, or its Proof of Claim; (iv) that the name of the Claimant

matched the information on the trade documentation, or additional documentation was provided

to support any name changes; and, (v) that the beneficial owner listed on the trade documentation,

or a legal representative thereof, signed the Proof of Claim.

       12.     In order to process the transactions detailed on the Proofs of Claim, Simpluris

identified and classified any deficiency or ineligibility conditions that existed within those Proofs

of Claim. The appropriate deficiencies were assigned to the Proofs of Claim as they were

processed. For example, where a Proof of Claim was submitted by a Claimant who did not have

any eligible transactions in AMPE common stock during the Class Period (e.g., the Claimant

purchased AMPE common stock only before or after the Class Period), that Proof of Claim would

receive a defect code that denoted ineligibility. Similar defect codes were used to denote other

conditions of ineligibility, such as duplicate Proofs of Claim. These defect codes indicate to

Simpluris that the Claimant is not eligible to receive any payment from the Net Settlement Fund

with respect to that Proof of Claim, unless the deficiency is cured in its entirety.

       13.     Because a Proof of Claim may be deficient only in part, but otherwise acceptable,

Simpluris utilizes defect codes that are only applied to specific transactions contained within a

Proof of Claim. For example, if a Claimant submitted a Proof of Claim with supporting

documentation for all but one purchase transaction, that one transaction would receive a

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          APPROVAL OF DISTRIBUTION OF NET SETTLEMENT FUND


Case No. 1:22-cv-02105-WJM-CYC              Document 111         filed 02/06/26     USDC Colorado
                                             pg 6 of 18


transaction-specific deficiency. This indicates that one transaction was deficient, but that the Proof

of Claim was otherwise eligible for payment if other transactions in the Proof of Claim calculated

to a Recognized Loss according to the Plan of Allocation. Thus, even if the deficiency was never

cured, the Proof of Claim could still be partially accepted.

             PROCESSING ELECTRONICALLY FILED PROOFS OF CLAIM

       14.     Of the 24,159 Proofs of Claim received by Simpluris through January 30, 2026,

24,025 were filed electronically (“Electronic Claims”). Electronic Claims are typically submitted

by institutional investors who may have hundreds, thousands, or even millions of transactions
during the Class Period. Institutional investors filing Electronic Claims either submit “bulk” Proofs

of Claim through a dedicated module on the Settlement website or electronically submit a file to

Simpluris’s broker@AmpioSecuritiesSettlement.com email inbox so that Simpluris may

electronically upload all transactions to its proprietary database developed for the Settlement.

       15.     Simpluris maintains a Securities Team which coordinates and supervises the receipt

and handling of all Electronic Claims. In this case, the Securities Team reviewed and analyzed

each electronic file to ensure that it was formatted in accordance with Simpluris’s required format,

and to identify any potential data issues or inconsistencies within the file. When any issues or

inconsistencies arose, Simpluris notified the sender. If the electronic file was deemed to be in an

acceptable format, it was then loaded to Simpluris’s database.

       16.     Once the file was loaded, the Electronic Claims were labeled to identify them as

Electronic Claims and defect codes were applied to denote any deficiencies or ineligible conditions

that existed within them. These defect codes are similar to those applied to paper Proofs of Claim.

In lieu of manually applying defect codes, the Securities Team performed programmatic reviews

on Electronic Claims to identify deficient and ineligible conditions (such as, but not limited to,

price per share/net amount validation issues, out of balance conditions, and transactions outside

the Class Period, etc.). The output was thoroughly verified and confirmed as accurate.


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                                             pg 7 of 18


         17.   The review process also included flagging any Electronic Claims that were not

accompanied by sufficient authorization documentation for all accounts referenced on the

electronic file submitted by any broker/nominee. This process was reviewed by Simpluris’s

Securities Team and, where appropriate, Simpluris contacted the institutional filer whose

electronic files were missing information. This ensures that all claims are submitted by properly

authorized representatives of the Claimants.

         18.   Finally, at the end of the process, Simpluris performed various targeted reviews of

Electronic Claims. Specifically, Simpluris used criteria such as the calculated Recognized Loss
and other identified criteria to flag and reach out to a number of electronic filers and request that

various sample purchases, sales, and holdings selected by Simpluris be documented by providing

confirmation slips or other transaction-specific supporting documentation. These targeted reviews

help to ensure that electronic data supplied by Claimants does not contain inaccurate information.

Simpluris also performed additional targeted reviews in connection with the largest claims.

                                     EXCLUDED PERSONS

         19.   Simpluris reviewed all Proofs of Claim to ensure that they were not submitted by,

or on behalf of, “Excluded Persons” to the extent that the identities of such persons or entities were

known to Simpluris through the list of Defendants, and other excluded persons and entities set

forth in the Stipulation and the Notice, and through the Claimants’ certifications on the Proofs of

Claim.

               COMPLEXITIES ENCOUNTERED IN CLAIMS PROCESSING

         20.   Many of the Proofs of Claim Simpluris received were deficient or ineligible for one

or more reasons, and therefore, were subjected to the additional processing, correspondence, and

telephonic communications described in the sections below entitled “The Deficiency Process for

Paper Proofs of Claim” and “The Deficiency Process for Electronic Proofs of Claim.”

         21.   During the processing of Proofs of Claim, Simpluris encountered non-conforming

Proofs of Claim, which, in general, require significantly more work than ordinary Proofs of Claim

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          APPROVAL OF DISTRIBUTION OF NET SETTLEMENT FUND


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                                             pg 8 of 18


because of the information contained in or missing from the Proof of Claim or the manner in which

the Proof of Claim was completed. Non-conforming claims include, among other conditions,

missing pages, no name or address, Proofs of Claim that are blank, but submitted with

documentation for Simpluris to manually review or enter into the database, and Proofs of Claim

that are so materially deficient as to make what is being claimed unrecognizable.

             THE DEFICIENCY PROCESS FOR PAPER PROOFS OF CLAIM

       22.     Approximately 22 of the 110 paper Proofs of Claim, or approximately 20% of the

paper Proofs of Claim submitted, were incomplete or had one or more defects or conditions of
ineligibility, such as the Proof of Claim not being signed or not properly documented. Much of

Simpluris’s efforts in handling an administration involve claimant communications so that all

claimants have sufficient opportunity to cure any deficiencies and file a complete Proof of Claim.

The Deficiency Process, which primarily involved mailing and/or emailing a Notice of Defective

Claim (“Deficiency Notice”) to Claimants and subsequently handling and responding to calls,

correspondence, and emails from Claimants was intended to assist Claimants in properly

completing their deficient submissions so that they would be eligible to participate in the

Settlement. As a result of this process, a number of claimants, excluding those who submitted

Proofs of Claim with incurable deficiencies, are now eligible to participate in the Settlement.

       23.     If a Proof of Claim was determined to be defective or ineligible, a Deficiency

Notice was sent to the Claimant describing the defect(s) or condition(s) of ineligibility in his, her,

or its Proof of Claim and what was necessary to cure any curable defect(s) in the Proof of Claim.

The Deficiency Notice advised the Claimant that the submission of the appropriate information

and/or trade documentation required to complete the Proof of Claim had to be sent within twenty

one (21) days from the date of the letter, or the Proof of Claim would be recommended for either

full or partial rejection to the extent the deficiency or condition of ineligibility remained on the

Proof of Claim. Simpluris sent a total of 22 Deficiency Notices to Claimants. Attached hereto as


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          APPROVAL OF DISTRIBUTION OF NET SETTLEMENT FUND


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                                            pg 9 of 18


Exhibit A are examples of the Deficiency Notice encompassing both curable defects and

describing conditions of ineligibility.

       24.     Claimants’ responses to the Deficiency Notices were scanned and imported into

Simpluris’s database and associated with the corresponding Proof of Claim. The responses were

then carefully reviewed and evaluated by Simpluris’s Securities Team. If a Claimant’s response

corrected the defect(s), Simpluris updated the database to reflect the change in status of the Proof

of Claim. As a result of this process, two (2) previously defective claims have been cured and are

now recommended as eligible for participation in the settlement.
        THE DEFICIENCY PROCESS FOR ELECTRONIC PROOFS OF CLAIM

       25.     Approximately, 95 of the 262 Electronic Claims submitted by individual Claimants,

or approximately 36%, were incomplete or had one or more defects or conditions of ineligibility,

such as the Proof of Claim not being properly supported. If a Proof of Claim was determined to be

defective or ineligible, a Deficiency Notice was sent to the Claimant describing the defect(s) or

condition(s) of ineligibility in his, her, or its Proof of Claim and what was necessary to cure any

curable defect(s) in the Proof of Claim. The Deficiency Notice advised the Claimant that the

submission of the appropriate information and/or trade documentation required to complete the

Proof of Claim had to be sent within twenty one (21) days from the date of the letter, or the Proof

of Claim would be recommended for either full or partial rejection to the extent the deficiency or

condition of ineligibility remained on the Proof of Claim. Simpluris sent a total of 95 Deficiency

Notices to Claimants.

       26.     Claimants’ responses to the Deficiency Notices were scanned and imported into

Simpluris’s database and associated with the corresponding Proof of Claim. The responses were

then carefully reviewed and evaluated by Simpluris’s Securities Team. If a Claimant’s response

corrected the defect(s), Simpluris updated the database to reflect the change in status of the Proof

of Claim. As a result of this process, eight (8) previously defective claims have been cured and are

now recommended as eligible for participation in the settlement.

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          APPROVAL OF DISTRIBUTION OF NET SETTLEMENT FUND


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                                            pg 10 of 18


       27.      Additionally, for Electronic Claims submitted by brokers, nominees, and other

filers who submitted their data electronically, Simpluris reached out to confirm their submissions

and notify the filer of any deficiencies. Simpluris provided these institutional Electronic Claim

submitters whose submissions were deficient with a Transaction Report attached to the Deficiency

Notice email which described and listed specific claimed accounts and/or transactions which were

incomplete or deficient. The Transaction Reports were sent electronically to 18 filers who

submitted 6,525 deficient or ineligible Electronic Claims; and,

             a. Identified individual transactions and entire Electronic Claims that were found to
                be deficient or ineligible so that the filer on behalf of the Claimant had the

                opportunity to correct the deficient condition or contest the determination of

                ineligibility;

             b. Stated that any deficient transactions or Electronic Claims that remain uncured, as

                well as any transactions or Electronic Claims that were identified as ineligible on

                the Transaction Report, would be rejected; and,

             c. Provided Simpluris’s contact information so that the filer could reach out to

                Simpluris if it had any questions or required assistance.

       28.      The responses to the Transaction Reports were reviewed by Simpluris’s Securities

Team, scanned and/or loaded into Simpluris’s database, and were associated with the

corresponding Electronic Claim. If the response corrected the defect(s) or affected the Electronic

Claim’s status, Simpluris manually and/or programmatically updated the database to reflect the

change in status of the Electronic Claim. As a result of this process, 859 previously defective

claims have been cured and are now recommended as eligible for participation in the settlement.

                 FINAL DISPOSITION NOTICES AND DISPUTED CLAIMS

       29.      After, or simultaneously with some, Deficiency Notices were transmitted and

corresponding response deadlines passed, Simpluris mailed and/or emailed Final Disposition

Notices to all claimants. Final Disposition Notices contained calculated Recognized Loss amounts

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                                           pg 11 of 18


and instructions for how to notify Simpluris within fourteen (14) days of the date of the notice if

the claimant believed Simpluris’s calculated Recognized Loss amount was incorrect for any

reason.

          30.   As a result of the Final Disposition Notice campaign, Simpluris received 69

requests for review of the calculated Recognized Loss amounts. Simpluris responded to all

requests for review, fully explained determinations, received and considered any additional

information or explanations by the claimant, and attempted to facilitate the submission of missing

information or documentation where applicable.
          31.   As a result of these efforts, as of January 30, 2026, 61 Proofs of Claims for which

review had been requested have been cured and re-calculated, using updated transaction

information provided by the claimants, to a positive Recognized Loss amount and eight (8) remain

rejected due no Recognized Loss amount after the re-calculation.

                 LATE BUT OTHERWISE ELIGIBLE PROOFS OF CLAIM

          32.   Through January 30, 2026, Simpluris received 39 Proofs of Claim that were

postmarked after the January 13, 2025, Proof of Claim submission deadline established by the

Court. Simpluris processed all late Proofs of Claim received through January 30, 2026, and 19

have been found to be otherwise eligible in whole or in part (the “Late But Otherwise Eligible

Claims”). Simpluris has not rejected any Proof of Claim received through January 30, 2026 solely

based on its late submission, and Simpluris believes no delay has resulted from the provisional

acceptance of these Late But Otherwise Eligible Claims. To the extent they are eligible but for the

fact that they were late, they are recommended herein for payment.

                                       FINAL BAR DATE

          33.   There must be a final cut-off date after which no more Proofs of Claim will be

accepted so that there may be a proportional distribution of the Net Settlement Fund and the

distribution may be accomplished. Acceptance of additional Proofs of Claim or responses to

Deficiency Notices received during the finalization of the administration and the preparation of

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this application would necessarily require a delay in the distribution. Accordingly, it is also

respectfully requested that this Court order that no Proof of Claim received after January 30, 2026,

be eligible for payment for any reason whatsoever. Completing the processing of these Claims at

this time would delay the submission of this application.

       34.     Further, Simpluris recommends that no documentation to cure previously defective

claims, and no adjustments to previously filed Proofs of Claim which would result in an increased

Recognized Loss, may be accepted after the Final Bar Date. However, should an adjustment be

received that results in a lower Recognized Loss amount for an Eligible Claim, that adjustment
will be made and the Recognized Loss amount will be reduced accordingly, prior to a distribution

to that Claimant.

                                    QUALITY ASSURANCE

       35.     An integral part of all Simpluris’s settlement administration projects is its Quality

Assurance review. Simpluris’s personnel worked throughout the entire administration process to

ensure that Proofs of Claim were processed properly, that deficiency and ineligibility defects were

properly applied to Proofs of Claim, that deficiency notices were mailed to the appropriate

Claimants, and that Simpluris’s computer programs were operating properly.

       36.     In support of the work described above, Simpluris staff designed, implemented, and

tested the following programs for this administration: (i) data entry screens that store Proof of

Claim information (including all transactional data included on each Proof of Claim and in any

supporting documentation), assign defect codes and, where necessary, apply text to denote

deficiencies existing within the Proof of Claim; (ii) screens for the analyst to review images of the

Proof of Claim and any supporting documentation provided; (iii) programs to load and analyze

transactional data submitted electronically for all Electronic Claims (the load program converts

the data submitted into the format required by the calculation program, and the analysis program

determines if the data is consistent and complete); (iv) a program to compare the claimed

transaction prices against the reported market prices to confirm that the claimed transactions were

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                                            pg 13 of 18


within an acceptable range of the reported market prices; (v) a calculation program to analyze the

transactional data for all Proofs of Claim, and calculate the Recognized Losses based on the Plan

of Allocation; and (vi) programs to generate various reports throughout and at the conclusion of

the administration, including lists of all eligible and ineligible Proofs of Claim.

       37.     Simpluris’s Securities Team performed a final quality control check once all

accepted Proofs of Claims were processed, Deficiency Notices were mailed or emailed, deficiency

responses were reviewed and processed, and Final Disposition Notices were mailed or emailed, to

ensure the correctness and completeness of all of the Proofs of Claim processed before Simpluris
prepared its final reports to Plaintiffs’ Counsel. Here, in connection with this Quality Assurance

wrap-up, Simpluris: (i) confirmed that Proofs of Claims that are recommended for approval have

no messages denoting ineligibility; (ii) confirmed that Proofs of Claims that are recommended for

rejection have messages denoting ineligibility; (iii) confirmed that all Proofs of Claim requiring

Deficiency Notices were sent such notices; (iv) performed a sample review of deficient Proofs of

Claim; (v) reviewed a sampling of Proofs of Claim with high Recognized Loss amounts; (vi)

sampled Proofs of Claim that had been determined to be ineligible, including those with no

Recognized Loss calculated in accordance with the Plan of Allocation, in order to verify that all

transactions had been captured correctly; and (vii) retested the accuracy of the calculation program.

                      FINAL DISPOSITIONS OF PROOFS OF CLAIM

       38.     Simpluris has completed the processing of the 24,159 Proofs of Claim that were

received through January 30, 2026, and has determined that 5,868 are acceptable in whole or in

part, and that 18,291 should be wholly rejected because they are either ineligible, wholly deficient,

or have no Recognized Loss when calculated in accordance with the Court approved Plan of

Allocation.

       39.     The 18,291 wholly rejected Proofs of Claim are recommended for rejection by the

Court for the following reasons:

                                 Summary of Rejected Proofs of Claims

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                    Reason for Rejection                        Number of Proofs of Claim

         No Eligible Purchases/Acquisitions During                          3,221
         the Class Period

         Deficient Proof of Claim with Condition of                           5
         Ineligibility Never Cured

         Deficient Proof of Claim with Condition of
         Ineligibility Never Cured and Recognized                            168
         Loss Does Not Calculate to a Positive
         Recognized Loss

         Deficient Proof of Claim with Condition of
         Ineligibility Never Cured and Recognized                           4,639
         Loss is Incalculable

         No Defects but Proof of Claim Does Not                            10,251
         Calculate to Positive Recognized Loss

         Proof of Claim Withdrawn/Voided                                      7


         TOTAL                                                             18,291

       40.     A list of all Proofs of Claim submitted and Simpluris’s recommendation as to their

disposition is contained in the Administrator’s Report attached hereto as Exhibit B. Exhibit B-1,

entitled “Timely Eligible Claims,” lists all timely filed, provisionally accepted, in whole or in part,

Proofs of Claim and states their Recognized Loss. Exhibit B-2, entitled “Late But Otherwise

Eligible Claims,” lists all late filed, provisionally accepted, in whole or in part, Proofs of Claim

and states their Recognized Loss. Exhibit B-3, entitled “Rejected Claims,” lists all wholly rejected

Proofs of Claim and states the reason for their rejection. For privacy reasons, Exhibit B provides

only the Claimant’s Response ID and Recognized Loss or Reason for Rejection (no names,

addresses, Taxpayer IDs, Social Security or Social Insurance Numbers are disclosed).

       41.     Simpluris has determined that 5,868 Proofs of Claim should be accepted. The

Proofs of Claim recommended for acceptance represent total Recognized Losses of

$11,413,046.16 under the Court-approved Plan of Allocation. Of that total, 5,849 are for Timely

Eligible Claims, totaling $11,281,305.48 and 19 are for Late But Otherwise Eligible Claims,
                                            Page 14 of 18
 DECLARATION OF MEGAN TODD IN SUPPORT OF LEAD PLAINTIFFS’ MOTION FOR
          APPROVAL OF DISTRIBUTION OF NET SETTLEMENT FUND


Case No. 1:22-cv-02105-WJM-CYC                      Document 111            filed 02/06/26         USDC Colorado
                                                    pg 15 of 18


totaling $131,740.68. According to the Plan of Allocation, each Authorized Claimant shall be

allocated a pro rata share of the Net Settlement Fund based on his, her, or its Recognized Loss in

comparison to the total Recognized Losses of all Authorized Claimants. Upon approval by the

Court, Simpluris will prepare and mail checks (or wire transfers where applicable) to Authorized

Claimants for their payment amount subject to the provisions of the Court-approved distribution

plan.

                  DISTRIBUTION PLAN FOR THE NET SETTLEMENT FUND

         42.      Should the Court concur with Simpluris’s recommendations and determinations
concerning the provisionally accepted and rejected Proofs of Claim, including the Late But

Otherwise Eligible Claims, Simpluris recommends the following distribution plan (the

“Distribution Plan”):

               a. Simpluris will conduct an immediate distribution (the “Initial Distribution”) of the

                  Net Settlement Fund,2 after deducting the payments requested in this motion, and

                  after payment of any estimated taxes, the costs of preparing appropriate tax returns,

                  and any escrow fees, as follows:

                       i. Simpluris will calculate award amounts to all Authorized Claimants as if

                           the entire Net Settlement Fund were to be distributed now by calculating

                           their pro rata share of the fund in accordance with the Plan of Allocation.

                       ii. Simpluris will, pursuant to the terms of the Plan of Allocation, eliminate

                           any Authorized Claimant whose award amount calculates to less than

                           $10.00. Such Claimants will not receive any distribution from the Net

                           Settlement Fund.


2
 Simpluris understands that all procedures performed with respect to the distribution of the Net Settlement Fund in
connection with the validity of the Proofs of Claim submitted are subject to the supervision and direction of Plaintiffs’
Counsel and the Court. To carry out such orders as the Court may issue with respect to the allocation and distribution
of the Net Settlement Fund to Authorized Claimants, Simpluris will first coordinate with Plaintiffs’ Counsel to
determine the amount remaining in the Net Settlement Fund after all fees and expenses authorized by this Court have
been paid.
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    DECLARATION OF MEGAN TODD IN SUPPORT OF LEAD PLAINTIFFS’ MOTION FOR
             APPROVAL OF DISTRIBUTION OF NET SETTLEMENT FUND


Case No. 1:22-cv-02105-WJM-CYC                      Document 111             filed 02/06/26         USDC Colorado
                                                    pg 16 of 18


                      iii. After eliminating Claimants who would have received less than $10.00,

                            Simpluris will calculate the pro rata distribution payments for Authorized

                            Claimants who would have received $10.00 or more pursuant to the

                            calculations described in subparagraph (a)(i) above (“Distribution

                            Amounts”).

                      iv. Simpluris will then prepare checks for the distribution and registers of such

                            distributions, and send the payments by prepaid first class mail. Finally,

                            Simpluris will be issued replacement payments for distributions upon
                            request by payee, and will respond to inquiries about distribution amounts

                            and Recognized Loss amounts calculations.3

                       v. Authorized Claimants who do not negotiate their Initial Distribution checks

                            within the time allotted or on the conditions set forth in footnote 4 will

                            irrevocably forfeit all recovery from the Settlement. The funds allocated to

                            all such stale-dated checks will be available to be re-distributed to other

                            Authorized Claimants in a potential Second Distribution described below.

                            Similarly, Authorized Claimants who do not negotiate subsequent

                            distributions within the time allotted or on the conditions set forth in

                            footnote 4 will irrevocably forfeit any further recovery from the Net

                            Settlement Fund.
3
  For Authorized Claimants whose checks are returned as undeliverable, Simpluris will endeavor to locate new
addresses by running the undeliverable addresses through address lookup services. Where a new address is located,
Simpluris will update the database accordingly and re-issue a distribution check to the Authorized Claimant at the new
address. In the event an Authorized Claimant loses or damages his, her or its check, or otherwise requires a new check,
Simpluris will issue replacements. Distribution re-issues will be undertaken only upon written instructions from the
Authorized Claimant, provided that the Authorized Claimant returns the previous check where appropriate. For all
checks, Simpluris will void the initial payment prior to re-issuing a payment. In order not to delay further distributions
to Authorized Claimants who have timely negotiated their checks, Authorized Claimants will be informed that, if they
do not cash their Initial Distribution checks within the 90 days from the mail date, or they do not cash check reissues
within 90 days of the mailing of such reissued check, their check will lapse, their entitlement to recovery will be
irrevocably forfeited and the funds will be re-allocated to other Authorized Claimants. Reissue requests for lost or
damaged checks will be granted after the void date on the checks, however, void dates on any reissues may be adjusted
so that all such checks go stale before a potential Second Distribution and no further reissues of Initial Distribution
checks will be made. Requests for reissued checks in connection with a potential Second Distribution and any
subsequent distributions will be handled in the same manner.
                                                     Page 16 of 18
    DECLARATION OF MEGAN TODD IN SUPPORT OF LEAD PLAINTIFFS’ MOTION FOR
             APPROVAL OF DISTRIBUTION OF NET SETTLEMENT FUND


Case No. 1:22-cv-02105-WJM-CYC              Document 111        filed 02/06/26      USDC Colorado
                                            pg 17 of 18


             b. After Simpluris has made reasonable and diligent efforts to have Authorized

                Claimants negotiate their Initial Distribution checks, but no earlier than six (6)

                months after the Initial Distribution, Simpluris will consult with Plaintiffs’ Counsel

                to review and determine if a potential Second Distribution of any uncashed funds

                would be economically feasible.

             c. No new Proofs of Claim may be accepted after January 30, 2026, and no further

                adjustments to Proofs of Claim received on or before January 30, 2026, that would

                result in an increased Recognized Loss amount may be made for any reason.
                       BROKERAGE REIMBURSEMENT REQUESTS

       43.      As of January 30, 2026, Simpluris has received five (5) invoices from brokerages

seeking payment of reasonable expenses actually incurred in connection with the settlement,

including reimbursement of postage expenses and the costs of ascertaining the names and

addresses of beneficial owners. The total amount requested to be reimbursed from the Settlement

Fund by the brokerages is $28,499.03. In accordance with paragraph 12 of the Order Granting

Lead Plaintiffs’ Unopposed Motion for Preliminary Approval of Class Action Settlement, filed on

September 24, 2024, Simpluris has reviewed the brokerages’ invoices and calculated

reimbursement amounts based on a maximum of $0.70 per unit expense, resulting in the revised

requested reimbursement from the Settlement Fund of $14,614.60 for out-of-pocket expenses

incurred by brokerages in mailing Postcard Notices to beneficial owners. Details of the brokerage

invoices are contained in Exhibit C for review and consideration.

                                 FEES AND DISBURSEMENTS

       44.      Simpluris agreed to be the Claims Administrator in exchange for payment of its

fees and out-of-pocket expenses. Plaintiffs’ Counsel received regular reports of all of the work

Simpluris performed with respect to provision of notice and administration of the Settlement, and

authorized the claims administration work performed herein. The cost of administration for this

project to date is $79,619.71, and Simpluris’s estimate of fees and expenses to conduct the initial

                                            Page 17 of 18
 DECLARATION OF MEGAN TODD IN SUPPORT OF LEAD PLAINTIFFS’ MOTION FOR
          APPROVAL OF DISTRIBUTION OF NET SETTLEMENT FUND


Case No. 1:22-cv-02105-WJM-CYC              Document 111         filed 02/06/26      USDC Colorado
                                            pg 18 of 18


distribution is $11,246.90, for a total of $90,866.61 in fees and expenses payable to Simpluris.

Simpluris has up to this point received payments in the amount of $0.00.

                       RECORDS RETENTION AND DESTRUCTION

       45.     Unless otherwise ordered by the Court, one (1) year after the Initial Distribution,

Simpluris will destroy the paper copies of the Proofs of Claim and all supporting documentation,

and three (3) years after the Initial Distribution it will destroy electronic copies of the same.

                                          CONCLUSION

       46.     Simpluris respectfully requests that the Court enter an Order approving its
administrative determinations, accepting and rejecting the Proofs of Claim submitted herein

received on or before January 30, 2026, and approving the proposed Distribution Plan. Simpluris

further respectfully submits that its fees and expenses should be approved for payment from the

Settlement Fund.


       I declare under penalty of perjury that the above is true and correct and that this Declaration

was executed this 4th day of February, 2026, in Spring Hill, Florida.


                                                       __________________________________
                                                       MEGAN TODD


                                            Page 18 of 18
 DECLARATION OF MEGAN TODD IN SUPPORT OF LEAD PLAINTIFFS’ MOTION FOR
          APPROVAL OF DISTRIBUTION OF NET SETTLEMENT FUND