Allianz warns of risk, confirms US Justice Department probe

Sunday, August 1, 2021 | The Associated Press

The Allianz financial services company is warning that lawsuits brought by U.S. investors against the company could end up having a material impact on its future financial results.

The major German company made the disclosure Sunday, noting that it received a request from the U.S. Department of Justice for documents and information related to the company's Structured Alpha Funds business, which is at the center of the investor lawsuits. The Securities and Exchange Commission launched its own probe into the matter last year.

In a statement, Munich-based Allianz SE said the Department of Justice's request, plus “information available to Allianz as of today,” prompted the company's management to conclude that there is “a relevant risk that the matters relating to the Structured Alpha Funds could materially impact future financial results of Allianz Group.”

The company noted that it can't predict how much of a financial impact it could be facing at this point, given the uncertain outcome of the Securities and Exchange Commission and Department of Justice investigations, and the litigation it faces.

In an interim report last year, the company disclosed that it was facing federal lawsuits brought by investors in the U.S. over losses in the Structured Alpha Funds during the stock market's sharp downturn in the spring of 2020 as the pandemic battered the global economy and financial markets.

At the time, Allianz said the complaints were “legally and factually flawed."

Allianz is one of the world's biggest insurers and financial services companies. In May, the company said it had 2.432 billion euros ($2.89 billion) in total assets under management as of the end of the first quarter.

Should you invest $1,000 in right now?

Before you consider , you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and wasn't on the list.

While currently has a "" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The 5 Stocks Here


MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research.