LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Westpac Banking Corporation (“Westpac” or “the Company”) (NYSE: WBK) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between November 11, 2015 and November 19, 2019, inclusive (the ''Class Period''), are encouraged to contact the firm before March 30, 2020.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at email@example.com.
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.
According to the Complaint, the Company made false and misleading statements to the market. Westpac acted contrary to Australian law by failing to report more than $19.5 million in international funds transfer instructions to AUSTRAC, the country’s anti-money-laundering and terrorism financing regulator. The Company failed to monitor the risk of money laundering and the financing of terrorism associated with moving money in and out of Australia. The Company failed to pass on required information about the source of funds to other banks in the transfer chain. Although Westpac was aware of heightened risks related to these funds tranfers, it failed to perform appropriate due diligence on transactions in South East Asia and the Philippines with indicators of involvement in child sex exploitation. Its AML/CTF Program was incapable of identifying and mitigating money laundering and terrorism financing. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Westpac, investors suffered damages.
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