SAN DIEGO, Feb. 1 , 2020 /PRNewswire/ -- Shareholder
rights law firm Johnson Fistel, LLP reminds investors that a class
action lawsuit has been filed against Westpac Banking Corporation
("Westpac" or the "Company") (NYSE: WBK) on behalf of all
purchasers of common stock during the period between
November 11, 2015 and November 19, 2019, inclusive (the "Class
Period").
An investor's ability to share in any potential future recovery
is not dependent upon serving as lead plaintiff. If you wish to
serve as a lead plaintiff, you must move the Court no later than
March 30, 2020. If you wish to
discuss this action, have any questions concerning this notice,
please contact lead analyst Jim
Baker (jimb@johnsonfistel.com) at 619-814-4471. If you
email, please include your phone number.
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The complaint charges throughout the Class Period defendants
made false and misleading statements and failed 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 lacked a reasonable basis at
all relevant times.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York, and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
https://www.johnsonfistel.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP