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NEW YORK, Feb. 07, 2023 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP, a nationally recognized investor rights law firm, is reminding investors of the deadline for filing a motion by lead plaintiff in a securities class action lawsuit filed on behalf of investors, who have purchased or acquired the securities of Allianz SE (“Allianz” or the “Company”) ALIZ between March 9, 2018 and May 17, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Central District of California alleging violations of the Securities Exchange Act of 1934.

Allianz, together with its subsidiaries, offers property and casualty insurance, life/health insurance and wealth management products and services worldwide. Allianz Global Investors US LLC (“AGI US”) is a subsidiary of Allianz.

Plaintiff alleges that throughout the Class Period, Defendants made materially false and misleading statements. Specifically, Plaintiff alleges that Defendants failed to disclose: (1) Allianz did not have effective internal controls; (2) the Allianz subsidiary was involved in significant fraudulent activity; (3) as a result, Allianz faced an increased risk of regulatory scrutiny; and (4) as a result, Allianz faced an increased risk of significant losses and financial costs.

On February 17, 2022, Allianz announced during market hours that it had booked a provision in respect of “the pending US court and government proceedings relating to the Alpha Structured Funds”. The announcement continued, “In anticipation of this and in light of ongoing discussions with US government agencies, Allianz decided today to record a provision of €3.7 billion in the 2021 financial statements. This provision reduced net income in 2021 by…