NEW YORK, Feb. 10, 2020 /PRNewswire/ -- Bernstein Liebhard,
a nationally acclaimed investor rights law firm, announces that a
securities class action has been filed on behalf of investors that
purchased or acquired the securities of Westpac Banking
Corporation ("Westpac" or the "Company") (NYSE: WBK) between
November 11, 2015, and
November 19, 2019, inclusive (the
"Class Period"). The lawsuit filed in the United States District Court for the
District of Oregon alleges
violations of the Securities Exchange Act of 1934.
If you purchased Westpac securities, and/or would like to
discuss your legal rights and options please visit Westpac
Shareholder Class Action or contact Matthew
E. Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements, and
failed to disclose material adverse facts about the Company's
business, operations, and prospects. Specifically, it is alleged
that Defendants made materially false and misleading statements
about: (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
Phillipines.On this news, Westpac's ADRs fell $1.25 per share over the next three trading days
or approximately 7.13% to close at $16.67 per ADR on November
22, 2019.
If you purchased Westpac securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/westpackbankingcorporation-wbk-shareholder-class-action-lawsuit-stock-fraud-244/apply/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than March 30, 2020. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If you
choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP