LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Allianz SE (“Allianz” or “the Company”) (OTC: ALIZY) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Allianz disclosed on August 1, 2021, that: “subsequent to the litigation pending in U.S. courts in relation to the Structured Alpha Funds against Allianz Global Investors U.S. LLC and other Allianz Group companies and the investigation launched by the U.S. Securities and Exchange Commission (‘SEC’) in 2020, the U.S. Department of Justice (‘DOJ’) has begun an investigation concerning the Structured Alpha Funds, and Allianz Global Investors U.S. LLC has received a voluntary request for documents and information from the DOJ.” The Company added: “in light of the DOJ investigation and based on information available to Allianz as of today, the Board of Management of Allianz SE has reassessed the matter and has come to the conclusion that there is a relevant risk that the matters relating to the Structured Alpha Funds could materially impact future financial results of Allianz Group.” Based on this news, the Company’s American depositary receipt (“ADR”) price fell by 8% the next day. The Company’s U.S. investing divisions then pleaded guilty to securities fraud on May 17, 2022, admitting a lack of internal controls and oversight of private-investment funds while making false and misleading statements to investors. The Company agreed to $6 billion in penalties and restitution.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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Contacts
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
info@schallfirm.com
www.schallfirm.com
