LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Westpac Banking Corporation (“Westpac” or “the Company”) (NYSE: WBK) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Westpac was charged on November 19, 2019, with more than 23 million violations of Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act (“AML-CTF Act”) by the Australian Transaction Reports and Analysis Centre (“AUSTRAC”). AUSTRAC's Statement of Claim alleges that the Company failed to detect and prevent money laundering and risky payments from and to Southeast Asia that were related to the sexual exploitation of children. AUSTRAC claims that Westpac knew of the connection to child exploitation and that its senior management team was “specifically briefed” on the danger in 2016. Based on this news, shares of Westpac fell by almost 4.5% in the next trading session, harming investors.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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