EQUITY ALERT: Rosen Law Firm Announces Investigation of Securities Claims Against Westpac Banking Corporation – WBK

NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Westpac Banking Corporation (NYSE: WBK) resulting from allegations that Westpac may have issued materially misleading business information to the investing public.

On November 19, 2019, the Australian Transaction Reports and Analysis Centre (“AUSTRAC”), Australia's Anti-Money Laundering regulator, charged Westpac with over 23 million violations of the Anti-Money Laundering and Counter-Terrorism Financing Act (the “AML-CTF Act”). Among other issues, AUSTRAC's Statement of Claim (the Claim) alleges that Westpac failed to detect money laundering or risky payments to and from Southeast Asia that were indicative of child sexual exploitation.

AUSTRAC claims that Westpac was aware of the connection between child exploitation and low-value payments sent to Southeast Asia "since at least 2013"; yet a number of the bank's transfer technologies had not been properly tracking and reporting on potential suspicious payments in contravention of the AML-CTF Act. Westpac's senior management was "specifically briefed" on how the bank's international digital payments service could be at risk for such abuse in 2016, according to the AUSTRAC Claim.

On this news, the Company’s stock price fell $0.80, or 4.45%, to close at $17.15 per share on November 20, 2019, injuring investors.

Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Westpac investors. If you purchased shares of Westpac please visit the firm’s website at http://www.rosenlegal.com/cases-register-1762.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at [e-mail] or [e-mail].

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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.

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