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Class Action Lawsuit Against Westpac Banking Corporation (WBK) looming deadline for investors

class action

From Globenewswire.com 3/10/2020:

LOS ANGELES, Feb. 13, 2020 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming March 30, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Westpac Banking Corporation (“Westpac” or the “Company”) (NYSE: WBK) securities between November 11, 2015 and November 19, 2019, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, at 310-801-2829, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

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 $0.80, or over 4%, to close at $17.15 per share on November 20, 2019, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) contrary to Australian law, the Company failed to report over 19.5 million international funds transfer instructions to AUSTRAC; (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.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased or otherwise acquired Westpac securities during the Class Period, you may move the Court no later than March 30, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-801-2829, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.  If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-801-2829
shareholders@glancylaw.com
www.glancylaw.com

DataByte WBK-DataByte PDF

Law FirmGlancy Prongay & Murray LLP
Company NameWestpac Banking Corporation (“Westpac” or the “Company”)
Stock SymbolWBK
Class PeriodNovember 11, 2015 and November 19, 2019
Lead Plaintiff Motion DeadlineMarch 30, 2020
Contact AttorneyCharles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067
Contact Phone310-801-2829
Contact Emailshareholders@glancylaw.com
Press Releasehttps://www.glancylaw.com/news-faqs/class-action-lawsuit-against-westpac-banking-corporation-wbk-looming-deadline-for-investors/
Case SummaryOn 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.
 
About the CompanyWestpac Banking Corporation, commonly known as Westpac, is an Australian bank and financial services provider headquartered at Westpac Place in Sydney.[3] It was established in 1817 as the Bank of New South Wales and on May 4, 1982 merged with the Commercial Bank of Australia (founded in 1866), becoming the Westpac Banking Corporation in October the same year. It is one of Australia’s “big four” banks and is Australia’s first and oldest banking institution. Its name is a portmanteau of “Western” and “Pacific”.
 
 
  
Yahoo Financehttps://finance.yahoo.com/quote/wbk
Websitehttps://www.westpac.com.au/