Investor Alert: Kaplan Fox Investigates Westpac Banking Corporation

NEW YORK, Feb. 4, 2020 -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating Westpac Banking Corporation ("Westpac" or the "Company") .  A class action securities lawsuit has been filed on behalf of investors who purchased Westpac securities, including Westpac American Depositary Receipts ("ADRs"), between November 11, 2015 and November 19, 2019, inclusive (the "Class Period").

According to the complaint, on November 19, 2019, after market hours, AUSTRAC, Australia's anti money-laundering and terrorism financing regulator, filed a civil action in Australian Court alleging over 23 million breaches of Australia's Anti-Money Laundering and Counter-Terrorism Financing Act (the "AML/CTF"), including a failure 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 Southeast Asia and the Philippines.

Following this news, Westpac's ADRs fell $1.28 per share over three trading days, about 7.13%, to close at $16.67 per ADR on November 22, 2019. 

According to the complaint, throughout the Class Period the defendants made materially false and 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 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 Company 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 Southeast Asia and the Philippines that had known financial indicators relating to child exploitation risks, and (5) the Company's AML/CTF Program was inadequate to identify, mitigate and manage money laundering and terrorism financing risks, among other things.

If you are a member of the proposed Class, you may move the court no later than March 30, 2020 to serve as a lead plaintiff for the purported class.  You need not seek to become a lead plaintiff in order to share in any possible recovery.  If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 800-290-1952.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions.  For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, the action, your rights, or your interests, please contact:

Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: dhall@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4700
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com

SOURCE Kaplan Fox & Kilsheimer LLP

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