Did you lose money on investments in Allianz SE? If so, please visit Allianz SE Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, NY / ACCESSWIRE / February 28, 2023 / Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Allianz SE ("Allianz" or the "Company") (OTC PINK:ALIZY) between March 9, 2018 and May 17, 2022, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Exchange Act of 1934.
Allianz, together with its subsidiaries, provides property-casualty insurance, life/health insurance, and asset management products and services worldwide. Allianz Global Investors U.S. LLC ("AGI US") is a subsidiary of Allianz.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (1) Allianz did not have effective internal controls; (2) Allianz's subsidiary was involved in substantial fraudulent activity; (3) as a result, Allianz was at an increased risk of regulatory scrutiny; and (4) as a result, Allianz was at an increased risk of substantial losses and financial costs.
On February 17, 2022, during market hours, Allianz announced that it had booked a provision with regards to "the pending court and governmental proceedings in the U.S. in relation to the Structured Alpha Funds." The announcement continued: "In anticipation thereof and in light of current discussions with U.S. governmental authorities, Allianz today decided to book a provision of 3.7 billion euros in the financial statements 2021. This provision reduced the 2021 Group net income by 2.8 billion euros."
On this news, the Company's ADR price fell $0.98 per share, or 3.8%, to close at $24.33 per share on May 18, 2022.
Then, on March 4, 2022, the Company published its annual report for 2021 (the "2021 Annual Report"). Among other things, the 2021 Annual Report stated: "Allianz SE is involved in legal, regulatory, and arbitration proceedings in Germany and foreign jurisdictions, including the United States. Such proceedings arise in the ordinary course of business, including, amongst others, Allianz SE's activities as a reinsurance company, employer, investor and taxpayer."
On this news, the Company's ADR price fell $0.93 per share, or 4.5%, to close at $19.67 per share on March 7, 2022.
Finally, on May 17, 2022, during market hours, the SEC issued a press release entitled "SEC Charges Allianz Global Investors and Three Former Senior Portfolio Managers with Multibillion Dollar Securities Fraud." In the release, the SEC stated: "The Securities and Exchange Commission (SEC) today charged Allianz Global Investors U.S. LLC (AGI US) and three former senior portfolio managers with a massive fraudulent scheme that concealed the immense downside risks of a complex options trading strategy they called ‘Structured Alpha.'" Further, "AGI US has agreed to pay billions of dollars as part of an integrated, global resolution, including more than $1 billion to settle SEC charges and together with its parent, Allianz SE, over $5 billion in restitution to victims."
On this news, the Company's ADR price fell $0.57 per share, or 2.6%, to close at $20.80 per share on May 18, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than April 3, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Allianz securities, and/or would like to discuss your legal rights and options please visit Allianz SE Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE: Bernstein Liebhard LLP