Westpac Banking Corporation. The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of Oregon on behalf of investors who purchased Westpac Banking Corporation (NYSE: WBK) securities between November 11, 2015 and November 19, 2019.
According to the Westpac lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) contrary to Australian law, the Company failed to report over 19.5 million international funds transfer instructions to the Australian Transaction Reports and Analysis Centre (“AUSTRAC”); (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 Westpac 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 Anti-Money Laundering and Counter-Terrorism Financing Policy 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/or lacked a reasonable basis at all relevant times.
“Westpac Banking Corporation”
If you suffered a loss in Westpac you have until March 30, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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