According to the Complaint, Allianz SE, together with its subsidiaries, provides property/casualty insurance, life/health insurance, and asset management products and services worldwide.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Allianz did not have effective internal controls; (2) Allianz’s subsidiary was involved in substantial fraudulent activity; (3) as a result, Allianz was at an increased risk of regulatory scrutiny; (4) as a result, Allianz was at an increased risk of substantial losses and financial costs; and (5) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

On April 25, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on July 24.

On October 6, 2023, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on November 3. On March 14, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Plaintiff did not amend the Complaint, and on June 20, the Court dismissed the case with prejudice.

On July 10, 2024, Lead Plaintiff filed a Notice of Appeal to the United States Court of Appeals for the Ninth Circuit, citing their intention to appeal the District Court's Judgment. On June 27, 2025, the Court of Appeals affirmed the District Court's ruling.