LOS ANGELES, March 25, 2020 (GLOBE NEWSWIRE) -- The Law Offices of Frank R. Cruz reminds investors of the upcoming March 30, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Westpac Banking Corporation (“Westpac” or the “Company”) (NYSE: WBK) investors who purchased securities between November 11, 2015 and November 19, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On November 19, 2019, Westpac was charged by the Australian Transaction Reports and Analysis Centre (“AUSTRAC”) with over 23 million violations of the Anti-Money Laundering and Counter-Terrorism Financing Act (the “AML-CTF Act”). Among other things, AUSTRAC’s Statement of Claim contends that the Company failed to distinguish money laundering or risky payments to and from Southeast Asia indicative of child sexual exploitation, despite Westpac senior management being “specifically briefed” in 2016 on how the bank’s international digital payments service could be at risk for such abuse.
On this news, the Company’s share price fell $1.25, or over 7%, over three consecutive trading sessions to close at $16.67 per share on November 22, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that, contrary to Australian law, the Company failed to report over 19.5 million international funds transfer instructions to AUSTRAC; (2) that 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) that the Company did not pass on requisite information about the source of funds to other banks in the transfer chain; (4) that, 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) that the Company's AML/CTF Program was inadequate to identify, mitigate and manage money laundering and terrorism financing risks; and (6) that, 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.
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If you purchased or otherwise acquired Westpac securities during the Class Period, you may move the Court no later than March 30, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com