Squitieri & Fearon, LLP, Silver Golub & Teitell LLP, Selendy Gay Elsberg PLLC and Bernstein Litowitz Berger & Grossmann LLP Announce Proposed Settlement of Class Action To Any Person Who or Which Purchased or Otherwise Acquired an Interest in the Shares of Any of the Allianz Global Investors Structured Alpha Mutual Funds

NEW YORK, Jan. 9, 2023 /PRNewswire/ --

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

TO:     Any Person who or which purchased or otherwise acquired an interest in the shares of any of the Allianz Global Investors Structured Alpha mutual funds listed below (collectively, the "Mutual Funds"):

AllianzGI Structured Return Fund ("Structured Return Fund").
Class A (Ticker AZIAX)
Class C (Ticker AZICX)
Class P (Ticker AZIPX)
Class R6 (Ticker AZIRX)
Institutional Class (Ticker AZIIX)

AllianzGI U.S. Equity Hedged Fund ("U.S. Equity Hedged Fund").
Class A (Ticker AZUAX) Class C (Ticker AZUCX)
Class P (Ticker AZUPX) Institutional Class (Ticker AZUIX)

AllianzGI PerformanceFee Structured US Equity Fund ("PerformanceFee Equity Fund").
Class P (Ticker APBPX)
Class R6 (Ticker APBRX) Institutional Class (APBIX), and/or

AllianzGI PerformanceFee Structured US Fixed Income Fund ("PerformanceFee Fixed Income Fund").
Class P (Ticker APKPX)
Class R6 (Ticker APKRX)
Institutional Class (APKIX)

pursuant or traceable to, or whose investments were otherwise solicited through, the Offering Communications,¹ and who or which

(i)  purchased those shares prior to February 24, 2020, and sold those shares on or after February 24, 2020 and prior to the respective Mutual Fund's liquidation date;

(ii)  purchased those shares prior to February 24, 2020, and held those shares through the liquidation of the respective Mutual Fund;

(iii)  purchased those shares on or after February 24, 2020, and sold those shares prior to the respective Mutual Fund's liquidation date; or

(iv)  purchased those shares on or after February 24, 2020, and held those shares through the liquidation of the respective Mutual Fund, and,

(v)  in each case, was damaged thereby ("Settlement Class" or "Settlement Class Member").

THIS SUMMARY NOTICE WAS AUTHORIZED BY THE COURT.  IT IS NOT A LAWYER SOLICITATION.  PLEASE READ THIS SUMMARY NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU ARE HEREBY NOTIFIED that a hearing (the "Settlement Fairness Hearing") will be held on March 9, 2023, at 9:30 a.m., before the Honorable Andrew Borrok of the Supreme Court of the State of New York, either in person at the New York County Courthouse, 60 Centre Street, Courtroom 238, New York, New York 10007, or by telephone or videoconference (in the discretion of the Court). At the Settlement Fairness Hearing the Court will, among other things: (i) determine whether the proposed settlement of the above-captioned action for $145,000,000 in cash (the "Settlement") as set forth in the Stipulation of Settlement dated November 1, 2022 ("Stipulation")² is fair, reasonable, and adequate, and should be approved by the Court; (ii) determine whether the Judgment as provided under the Stipulation should be entered; (iii) determine whether the proposed Plan of Allocation for the distribution of the Net Settlement Fund should be approved by the Court as fair and reasonable; (iv) determine whether to grant final certification of the Settlement Class for purposes of the Settlement; (v) consider Plaintiffs' Counsel's application for an award of attorneys' fees and Litigation Expenses, including Plaintiffs' request for payment for their efforts in prosecuting this Action on behalf of the Settlement Class; (vi) consider any objections or opt outs received by the Court; and (vii) rule upon such other matters as the Court may deem appropriate. Any updates regarding the Settlement Fairness Hearing, including any changes to the date or time of the hearing or updates regarding in-person or remote appearances at the hearing, will be posted to the Settlement Website, www.AllianzMutualFundsLitigation.com.

This is a securities action against Defendants for claims under §§11, 12(a)(2), and 15 of the Securities Act of 1933. Plaintiffs claim that Defendants violated the Securities Act by reason of material misrepresentations and omissions in the Offering Communications for the Mutual Funds. Specifically, Plaintiffs allege that the Offering Communications included untrue material statements, and failed to disclose material information, regarding, among other things, the Mutual Funds' investment strategies.  Defendants deny they have committed any act or omission giving rise to liability in this Action. 

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.

To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release Form ("Claim Form") postmarked (if mailed), or submitted online using the Settlement Website, www.AllianzMutualFundsLitigation.com, no later than April 20, 2023. Your failure to post-mark your Proof of Claim or to submit it online using the Settlement Website by April 20, 2023 will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action. If you are a member of the Settlement Class and do not request exclusion therefrom, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Judgment, whether or not you submit a Claim Form.

If you have not received a copy of the full Notice of Proposed Settlement of Class Action (the "Notice"), which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Claim Form, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other settlement documents, online at www.AllianzMutualFundsLitigation.com, by contacting the Claims Administrator by email at [email protected], or by writing to:

Allianz Mutual Funds Litigation
c/o A.B. Data, Ltd.
P.O. Box 173050
Milwaukee, WI  53217

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or Claim Form, may be made to Plaintiffs' Counsel:

If you desire to be excluded from the Settlement Class, you must submit a request for exclusion such that it is received no later than February 16, 2023, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by the Settlement even if they do not submit a timely Claim Form.

If you are a Settlement Class Member, you have the right to object to the Settlement, the Plan of Allocation, the request by Plaintiffs' Counsel for an award of attorneys' fees and Litigation Expenses, and/or the awards to Plaintiffs for representing the Settlement Class. Any objections must be filed with the Court and sent to Plaintiffs' Counsel and Defendants' Counsel such that they are received no later than February 16, 2023, in the manner and form explained in the Notice.

² The Stipulation can be viewed and/or obtained at www.AllianzMutualFundsLitigation.com. Any capitalized terms not otherwise defined in this Summary Notice shall have the meanings given to them in the Stipulation.

Source(s):
Squitieri & Fearon, LLP
Silver Golub & Teitell LLP
Selendy Gay Elsberg PLLC
Bernstein Litowitz Berger & Grossmann LLP

SOURCE Squitieri & Fearon, LLP, Silver Golub & Teitell LLP, Selendy Gay Elsberg PLLC and Bernstein Litowitz Berger & Grossmann LLP