Thieler Law Corp advises investors with losses exceeding $100,000 of the March 30, 2020 lead plaintiff deadline in a class action lawsuit filed against Westpac Banking Corporation (NYSE: WBK) (“Westpac” or “the Company”). The suit is pending in the U.S. District Court for the Eastern District of New York and investors, who purchased Westpac Banking Corporation securities between November 11, 2015 and November 19, 2019, have until March 30, 2020 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased Westpac Banking Corporation securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that 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; 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; the Company did not pass on requisite information about the source of funds to other banks in the transfer chain; 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; the Company’s AML/CTF Program was inadequate to identify, mitigate and manage money laundering and terrorism financing risks; and 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.

On November 19, 2019,  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.

Following this news, Westpac's American depositary receipt price fell causing investors harm.

If you were negatively impacted by your investment in Westpac Banking Corporation securities between November 11, 2015 and November 19, 2019 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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