LOS ANGELES–(BUSINESS WIRE)–$STOCKS—The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Allianz SE (“Allianz” or the “Company”) (OTC: ALIZY, ALIZF) securities between March 9,2018 and May 17, 2022, inclusive (the “Class Period”). Allianz investors have until April 3, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On February 17, 2022, 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 had “[booked] a provision of 3.7 billion euros in the financial statements 2021” which “reduced the 2021 Group net income by 2.8 billion euros.”
On this news, Allianz’s stock price fell $0.98, or 3.8%, to close at $24.33 per share on March 18, 2022, thereby injuring investors.
Then, on May 17, 2022, Allianz pleaded guilty to securities fraud, admitting that it lacked internal controls and oversight for a series of private-investment funds and made false and misleading statements to investors. The Company agreed to pay $6 billion in penalties and restitution.
On this news, Allianz’s stock price fell $0.57, or 2.6%, to close at $20.80 per share on May 18, 2022, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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; (4) as a result, Allianz was at an increased risk of substantial losses and financial costs; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Allianz securities during the Class Period, you may move the Court no later than April 3, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Allianz securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
