Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Westpac Banking Corporation ("Westpac" or the "Company")(NYSE:WBK) of the March 30, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Westpac ADRs or options between November 11, 2015 and November 19, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/WBK. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail torgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the District of Oregon on behalf of all those who purchased Westpac securities between November 11, 2015 and November 19, 2019 (the "Class Period"). The case, Byrne v. Westpac Banking Corporation et al., No. 20-cv-00171 was filed on January 30, 2020, and has been assigned to Magistrate Judge John V. Acosta.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) contrary to Australian law, the Company failed to report over 19.5 million international funds transfer instructions to AUSTRAC, Australia's anti money-laundering and terrorism financing regulator; (2) 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) the Company did not pass on requisite information about the source of funds to other banks in the transfer chain; (4) 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) the Company's AML/CTF Program was inadequate to identify, mitigate and manage money laundering and terrorism financing risks; and (6) 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.
On November 19, 2019, after market hours, AUSTRAC, Australia's anti money-laundering and terrorism financing regulator filed a civil action in Australia alleging over 23 million breaches of the Australian AML/CTF legislation, including a failure to report over 19.5 million international fund transfers, failing to perform enhanced due diligence on correspondent banks in high-risk jurisdictions, and potentially providing services used in the exploitation of children in South East Asia and the Philippines.
On this news, Westpac's ADR price fell from $17.95 per ADR on November 19, 2019 to a closing price of $16.67 on November 22, 2019: a $1.28 or a 7.13% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Westpac's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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