Lead Plaintiff Deadline 04/03/2023
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Allianz SE (“Allianz”) (OTC: ALIZY) securities between March 9, 2018 through May 17, 2022 (the “Class Period”). Investors have until April 3, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Allianz through subsidiaries, offers insurance and financial services, with headquarters located in Munich, Germany.
On March 4, 2022, the Company published its annual report for 2021 (the “2021 Annual Report”). The 2021 Annual Report did not reveal the severe underlying issues but instead stated the following, in pertinent part: “Upon request from the U.S. Securities and Exchange Commission (SEC), Allianz U.S. has provided substantial information to the SEC in connection with an SEC investigation of the losses suffered by investors in [Allianz GI U.S. LLC’s Structured Alpha funds] (“Funds”) . . . In addition, the U.S. Department of Justice (DOJ) is continuing its investigation concerning the Funds . . . ” On this news, the price of Allianz shares declined by $0.92 per share, or approximately 4.49%, from $20.60 per share to close at $19.67 on March 4, 2022.
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,” and provided the following, in pertinent part: “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 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.” On this news, the price of Allianz ADR shares declined by $0.57 per share, or approximately 2.67%, from $21.37 per share to close at $20.80 on May 18, 2022.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose: (1) Allianz did not have effective internal controls; (2) Allianz’s subsidiary was involved in substantial fraudulent activity; and (3) as a result, Allianz was at an increased risk of regulatory scrutiny and at an increased risk of substantial losses and financial costs.