SAN DIEGO & SYDNEY--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that it is investigating Westpac Banking Corp. (NYSE: WBK) for alleged violations of the Securities Exchange Act of 1934 and whether the Company's officers and directors breached their fiduciary duties to shareholders. Westpac provides various banking and financial services in Australia, and internationally.
If you suffered a loss as a result of Westpac's misconduct, click here.
Did Westpac Banking Corp. Inc. (WBK) Mislead Shareholders?
In November 2018, Westpac revealed in its 2018 Form 20-F that it had recently self-reported to AUSTRAC, Australia's anti-money laundering and terrorism financing regulator, a failure to report a large number of International Funds Transfer Instructions. Then, on November 19, 2019, AUSTRAC filed a civil action against Westpac alleging over 23 million breaches of AML/CTF legislation, including failing to report 19.5 million in international fund transfer instructions and failing to carry out due diligence checks that potentially led Westpac to provide services used in the exploitation of children. On this news, Westpac ADRs fell 7.13% to close at $16.67 per ADR.
Westpac Banking Corp. Inc. (WBK) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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