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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until March 30, 2020 to file lead plaintiff applications in a securities class action lawsuit against Westpac Banking Corporation (NYSE: WBK).
Westpac and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 19, 2019, post- market, Australia’s anti money- laundering and terrorism financing regulator, AUSTRAC, filed a civil action against the Company in Australian Court alleging over 23 million breaches of Australian anti-money laundering laws, including failing to report over 19.5 million international fund transfers, failing to perform enhanced due diligence on correspondent banks in high-risk jurisdictions, and potentially providing services used in the exploitation of children in South East Asia and the Philippines. Further, the regulator is pursuing fines of up to A$21 million ($14 million) for every transaction Westpac failed to monitor adequately or report on time in the country’s biggest ever money laundering scandal.
On this news, the price of Westpac’s shares plummeted.
If you purchased securities of Westpac and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or fill out the form on this page.
The case is Byrne v. Westpac Banking Corporation, et al., 20-cv-00171. Click here to read the case complaint.