BENSALEM, PA / ACCESSWIRE / March 27, 2020 / Law Offices of Howard G. Smith reminds investors of the upcoming March 30, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Westpac Banking Corporation ("Westpac" or the "Company") (NYSE:WBK) securities between November 11, 2015 and November 19, 2019, inclusive (the "Class Period").
Investors suffering losses on their Westpac investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.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) 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.
If you purchased Westpac securities during the Class Period, you may move the Court no later than March 30, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
SOURCE: Law Offices of Howard G. Smith
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https://www.accesswire.com/582768/Deadline-Reminder-The-Law-Offices-of-Howard-G-Smith-Reminds-Investors-of-Looming-Deadline-in-the-Class-Action-Lawsuit-Against-Westpac-Banking-Corporation
