NEW YORK, March 20, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of PLDT INC. (“PLDT” or the “Company”) (NYSE: PHI) between January 1, 2019 and December 19, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Exchange Act of 1934.
PLDT, through its principal business groups, offers a wide range of telecommunications and digital services across the Philippines’ most extensive fiber optic backbone, as well as fixed line and cellular networks.
Plaintiff alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose, among other things, that: (1) there were capital spending budget overruns; and (2) weaknesses allowed such budget overruns.
On December 16, 2022, PLDT announced that it had overrun its budget by PHP 48 billion (equivalent to $866 million) for broadband and data projects over the past four years. The Company stated that it was “undertaking a management reorganization process and has initiated improvements on its processes and systems to address weakness that allowed such budget overruns to occur.” In response, the Philippines Securities and Exchange Commission has launched an inquiry amid questions over the Company’s corporate governance and fiscal control. The U.S. Securities and Exchange Commission also ordered an investigation of possible insider trading related to PLDT’s disclosure of a “budget overrun” covering several years.
On this news, the Company’s ADR price fell $6.35 per share, or 19%, to close at $20.46 per share on December 19, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than April 7, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired PLDT securities, and/or would like to discuss your legal rights and options please visit PLDT Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or firstname.lastname@example.org.
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