Westpac Banking Corporation
|Company Name||Westpac Banking Corporation|
|Class Period||November 11, 2015 to November 19, 2019|
|Lead Plaintiff Motion Deadline||March 30, 2020|
On November 19, 2019, Westpac was charged by the Australian Transaction Reports and Analysis Centre (“AUSTRAC”) with over 23 million violations of the Anti-Money Laundering and Counter-Terrorism Financing Act (the “AML-CTF Act”). Among other things, AUSTRAC’s Statement of Claim contends that the Company failed to distinguish money laundering or risky payments to and from Southeast Asia indicative of child sexual exploitation, despite Westpac senior management being “specifically briefed” in 2016 on how the bank’s international digital payments service could be at risk for such abuse.
On this news, the Company’s share price fell $1.25, or over 7%, over three consecutive trading sessions to close at $16.67 per share on November 22, 2019, thereby injuring investors.
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