Allied Nevada shareholder request to investigate insider trading denied

By Mark Reccek

Bethlehem, Pa., Sept. 15 – Allied Nevada Gold Corp. shareholder Brian Tuttle’s request to appoint an examiner to investigate trading records for possible insider trading was denied, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the examiner was requested because “certain noteholders have been trading notes, possibly in the open market and certainly with insider information.”

Tuttle specifically requested an examination into the trading records of equity securities for insider trader and stock manipulation.

Tuttle also requested examinations into the company’s liquidity issues, off balance sheet credit default swaps and gold fix and currency manipulation of creditors; the December 2014 public offering; communication between the company’s advisers and attorneys, and funds trading in the company’s equity securities and notes; the company’s financial statements and evaluations for evidence of fraudulent conveyance; and the company’s current and former management for any fraud, dishonesty, incompetence or irregularity in the affairs of the company.

Allied Nevada is a Reno, Nev.-based gold and silver miner that filed for bankruptcy on March 10. Its Chapter 11 case number is 15-10503.

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