The Law Offices of Frank R. Cruz reminds investors of the upcoming April 3, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Allianz SE (“Allianz” or the “Company”) (OTC: ALIZY, ALIZF) securities between March 9, 2018 and May 17, 2022, inclusive (the “Class Period”).
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 disclosed that one of its subsidiaries 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, and 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.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired Allianz securities during the Class Period, you may move the Court no later than April 3, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 firstname.lastname@example.org, 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.