SILVER GOLUB & TEITELL LLP & SELENDY GAY ELSBERG PLLC FILING A CLASS ACTION ON BEHALF OF FORMER ALLIANZGI MUTUAL FUND INVESTORS

NEW YORK, June 10, 2022 /PRNewswire/ — About May 24, 2022Silver Golub & Teitell LLP and Selendy Gay Elsberg PLLC filed a federal securities class action lawsuit (the “Complaint”) in the Southern District of California on behalf of its client and the putative class of all investors in the same situation who have suffered losses by investing in the following mutual funds (the “mutual funds”):

  1. the AllianzGI Structured Return fund;
  2. the AllianzGI US Equity Hedged fund;
  3. the AllianzGI PerformanceFee Structured US Equity fund;
  4. the AllianzGI PerformanceFee Structured US Fixed Income fund; and
  5. the Nationwide Multi-Cap Portfolio fund

The complaint alleges, among others, that AllianzGI committed securities fraud from 2015 to 2020 through a scheme to defraud potential and current investors of AllianzGI mutual funds by making false and misleading statements regarding the risks taken by mutual funds shift. Instead of managing the mutual funds as they are depicted, the complaint alleges that AllianzGI took unreasonable risks that prioritized returns over risk management in a manner fundamentally inconsistent with the company’s statements. ‘AllianzGI regarding the “main investment strategies” of mutual funds. Accordingly, the complaint alleges that when the financial markets crashed in February and March 2020mutual fund investors who thought they were shielded from these events through their mutual fund investments suffered catastrophic losses.

On May 17, 2022AllianzGI and two employees who managed the mutual funds pleaded guilty to securities fraud due to, among others, much of the conduct alleged in the complaint. To date, AllianzGI has contributed over $6 billion in settlements, fines and restitution, but has yet to compensate mutual fund investors.

If you have bought, sold or liquidated shares of mutual funds managed by AllianzGI during the recourse period as defined above and wish to know more about your rights, visit the SGT website website or contact Ian W. Sloss at [email protected] or at (203) 325-4491, or Jordan Goldstein at [email protected] or at (212) 390-9008.

The class action is entitled Cole vs. Allianz Global Investors US LLCno. 22-CV-0747 (J. Curiel) (SD Cal.).

SOURCE Silver Golub & Teitell LLP