SAN DIEGO--(BUSINESS WIRE)--The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Allianz SE (OTC: ALIZY) publicly traded securities between March 9, 2018 and May 17, 2022, inclusive (the “Class Period”) have until April 3, 2023 to seek appointment as lead plaintiff in the Allianz class action lawsuit. Captioned Weir v. Allianz SE, No. 23-cv-00719 (C.D. Cal.), the Allianz class action lawsuit charges Allianz and its top executive with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Allianz class action lawsuit, please provide your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org.
CASE ALLEGATIONS: 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 (“Allianz US”) is a subsidiary of Allianz.
The Allianz class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Allianz did not have effective internal controls; (ii) Allianz’s subsidiary was involved in substantial fraudulent activity; (iii) as a result, Allianz was at an increased risk of regulatory scrutiny; and (iv) as a result, Allianz was at an increased risk of substantial losses and financial costs.
On February 17, 2022, Allianz announced that “in light of current discussions with U.S. governmental authorities, Allianz today decided to book a provision of EUR 3.7 billion in the financial statements 2021.” On this news, Allianz’s American depositary receipt (“ADR”) price fell.
Then, on March 4, 2022, Allianz filed its annual report for the year 2021, which stated that “[u]pon request from the U.S. Securities and Exchange Commission (SEC), AllianzGI U.S. has provided substantial information to the SEC in connection with an SEC investigation of the Funds, and Allianz is fully cooperating with the SEC’s ongoing investigation. In addition, the U.S. Department of Justice (DOJ) is continuing its investigation concerning the Funds, and AllianzGI U.S. is also fully cooperating with the DOJ in the investigation and is continuing its own review of the matter.” On this news, Allianz’s ADR price fell by more than 4%.
Finally, on May 17, 2022, the SEC issued a press release entitled “SEC Charges Allianz Global Investors and Three Former Senior Portfolio Managers with Multibillion Dollar Securities Fraud.” That same day, the DOJ issued a press release entitled “Three Portfolio Managers And Allianz Global Investors U.S. Charged In Connection with Multibillion-Dollar Fraud Scheme.” On this news, Allianz’s ADR price fell 2.6% the next full trading day, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Allianz publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Allianz class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Allianz class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Allianz class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Allianz class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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