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May 24, 2022
NEW YORK, June 10, 2022 /PRNewswire/ -- On May 24, 2022, Silver Golub & Teitell LLP and Selendy Gay Elsberg PLLC filed a federal securities class action complaint (the "Complaint") in the Southern District of California on behalf of its client and putative class of all similarly-situated investors who suffered losses investing in the following mutual funds (the "Mutual Funds"):
- the AllianzGI Structured Return fund;
- the AllianzGI U.S. Equity Hedged fund;
- the AllianzGI PerformanceFee Structured US Equity fund;
- the AllianzGI PerformanceFee Structured US Fixed Income fund; and
- the Nationwide Multi-Cap Portfolio fund
The Complaint alleges, inter alia, that AllianzGI committed securities fraud from 2015 through 2020 through a scheme to defraud prospective and current AllianzGI Mutual Fund investors by making false and misleading statements regarding the risks taken by the Mutual Funds. Instead of managing the Mutual Funds as represented, the Complaint alleges that AllianzGI took unreasonable risks that prioritized returns over risk management in ways fundamentally inconsistent with AllianzGI's representations concerning the Mutual Funds "Principal Investment Strategies." As a result, the Complaint alleges, when financial markets crashed in February and March 2020, Mutual Fund investors who thought they were protected from these events via their Mutual Fund investments suffered catastrophic losses.
On May 17, 2022, AllianzGI and two employees that managed the mutual funds pleaded guilty to securities fraud as a result of, inter alia, much of the conduct alleged in the Complaint. To date, AllianzGI has paid over $6 billion to in settlements, fines, and restitution, but has yet to compensate mutual fund investors.
If you purchased, sold, or liquidated shares in the AllianzGI-run Mutual Funds during the Class Period as defined above and wish to learn more about your rights, visit SGT's website or contact Ian W. Sloss at firstname.lastname@example.org or at (203) 325-4491, or Jordan Goldstein at email@example.com or at (212) 390-9008.
The class action is titled Cole v. Allianz Global Investors U.S. LLC, No. 22-CV-0747 (J. Curiel) (S.D. Cal.).
SOURCE Silver Golub & Teitell LLP