The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Westpac Banking Co...
06 Febbraio 2020 - 2:38AM
Business Wire
The Law Offices of Frank R. Cruz 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) investors who
purchased 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.
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.
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) that, contrary to Australian law, the Company failed
to report over 19.5 million international funds transfer
instructions to AUSTRAC; (2) that 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) that the Company did not pass on requisite
information about the source of funds to other banks in the
transfer chain; (4) that, 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) that
the Company's AML/CTF Program was inadequate to identify, mitigate
and manage money laundering and terrorism financing risks; and (6)
that, 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/FRC_LAW.
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 Frank R. Cruz, of The Law Offices of Frank R. Cruz,
1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067
at 310-914-5007, by email to info@frankcruzlaw.com, or visit our
website at www.frankcruzlaw.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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200205005911/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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