Westpac Banking Corporation
Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Westpac Banking Corporation (“Westpac” or the “Company”) (NYSE: WBK) between November 11, 2015, and November 19, 2019, inclusive (the “Class Period”).
If you purchased Westpac securities, and/or would like to discuss your legal rights and options, please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Westpac Banking Corporation (“Westpac” or the “Company”) (NYSE: WBK) between November 11, 2015, and November 19, 2019, inclusive (the “Class Period”). The lawsuit filed in the United States District Court for the District of Oregon alleges violations of the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, it is alleged that Defendants made materially false and misleading statements about: (1) contrary to Australian law, the Company failed to report over 19.5 million international funds transfer instructions to AUSTRAC, Australia’s anti money-laundering and terrorism financing regulator; (2) the Company did not appropriately monitor and assess the ongoing money laundering and terrorism financing risks associated with movement of money into and out of Australia; (3) the Company did not pass on requisite information about the source of funds to other banks in the transfer chain; (4) despite being aware of the heightened risks, the Company did not carry out appropriate due diligence on transactions in South East Asia and the Philippines that had known financial indicators relating to child exploitation risks; (5) the Company’s AML/CTF Program was inadequate to identify, mitigate and manage money laundering and terrorism financing risks; and (6) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 19, 2019, after market hours, AUSTRAC, Australia’s anti money-laundering and terrorism financing regulator filed a civil action in Australia alleging over 23 million breaches of the Australian AML/CTF legislation, including a failure to report over 19.5 million international fund transfers, failing to perform enhanced due diligence on correspondent banks in high-risk jurisdictions, and potentially providing services used in the exploitation of children in South East Asia and the Phillipines.On this news, Westpac’s ADRs fell $1.25 per share over the next three trading days or approximately 7.13% to close at $16.67 per ADR on November 22, 2019.
If you wish to serve as lead plaintiff, you must move the Court no later than March 30, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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