NEW YORK, NY / ACCESSWIRE / February 10, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Westpac Banking Corporation ("Westpac" or the "Company") (WBK). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Westpac and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 19, 2019, after market hours, AUSTRAC, Australia's anti money-laundering ("AML") and terrorism-financing regulator, filed a civil action in Australian court alleging over 23 million breaches of Australian AML/counter-terrorism financing legislation by Westpac, including a failure to report more than 19.5 million international fund transfers, failure to perform enhanced due diligence on correspondent banks in high-risk jurisdictions, and failure to introduce appropriate detection scenarios related to potential child exploitation risks.
On this news, Westpac's American depositary receipt price fell $1.25 per share, or 7.13%, over the next three trading sessions, closing at $16.67 per share on November 22, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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