NEW YORK, March 20, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Allianz SE (“Allianz” or the “Company”) (OTCMKTS: ALIZY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Allianz and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 17, 2022, during market hours, Allianz announced that it had booked a provision of €3.7 billion with regards to “the pending court and governmental proceedings in the U.S. in relation to the Structured Alpha Funds”. Then, on May 17, 2022, the U.S. Securities and Exchange Commission issued a press release announcing that it had charged “Allianz Global Investors U.S. LLC (AGI US) and three former portfolio managers with a massive fraudulent scheme that concealed the immense downside risks of a complex options trading strategy they called ‘Structured Alpha’”. That same day, the U.S. Department of Justice also issued a press release providing further information about the alleged fraudulent scheme.
On this news, Allianz’s American Depositary Receipt (“ADR”) fell $0.98 per ADR, or 3.8%, to close at $24.33 per ADR on May 18, 2022.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
