(WBK) Johnson Fistel Announces Class Action Suit against Westpac Banking; Did You Acquire Between November 11, 2015 and November 19, 2019?

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Feb 01, 2020, 10:36 ET

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 ([email protected]) 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
[email protected]

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SOURCE Johnson Fistel, LLP