Shareholder Alert: Robbins LLP Reminds Investors Westpac Banking Corp. (WBK) Sued for Misleading Shareholders
29 Febbraio 2020 - 12:59AM
Business Wire
Shareholder rights law firm Robbins LLP reminds investors that a
purchaser of Westpac Banking Corp. (NYSE: WBK) filed a class action
complaint against the Company for alleged violations of the
Securities Exchange Act of 1934 between November 11, 2015 and
November 19, 2019. Westpac provides various banking and financial
services in Australia, and internationally.
If you suffered a loss as a result of Westpac's misconduct,
click here.
Westpac Banking Corp. Inc. (WBK) Accused of Misleading
Shareholders
According to the complaint, throughout the relevant period,
Westpac continuously affirmed it was operating in accordance with
the Anti-Money Laundering and Counter-Terrorism Financing
("AML/CTF") Act of 2006 and had a program to manage these
obligations. Despite these purported efforts, in November 2018,
Westpac revealed in its 2018 Form 20-F that it had recently
self-reported to AUSTRAC, Australia's anti-money laundering and
terrorism financing regulator, a failure to report a large number
of International Funds Transfer Instructions, which the Company
downplayed in a May 2019 conference call as "a few regulatory and
compliance issues." Then, on November 19, 2019, AUSTRAC filed a
civil action against Westpac alleging over 23 million breaches of
AML/CTF legislation, including a failure to report 19.5 million in
international fund transfer and failing to carry out due diligence
checks that potentially led Westpac to provide services used in the
exploitation of children. On this news, Westpac ADRs fell 7.13% to
close at $16.67 per ADR.
Westpac Banking Corp. Inc. (WBK) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200228005599/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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