PLDT Inc. Securities Class Litigation
Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired the publicly traded securities of PLDT Inc. (“PLDT” or the “Company”) (NYSE: PHI) from January 1, 2019 through December 19, 2022, inclusive (the “Class Period”).
If you purchased or otherwise acquired PLDT securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than April 7, 2023. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
PHI investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff complete the form below, text or email email@example.com, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.
Background on the PLDT Securities Class Litigation
PLDT, headquartered in Makati City in the Philippines, is the largest telecommunications company in the Philippines. PLDT’s core businesses include fixed-line telecommunications, mobile phone services, and broadband, among others.
The securities class action alleges that, throughout the Class Period, PLDT and certain of its senior executives and directors made materially false and misleading statements and failed to disclose: (1) that the Company massively overran its capital expenditure budget between 2019 and 2022; and (2) that PLDT lacked adequate internal controls to prevent such budget overruns.
Investors began to learn of defendants’ fraud on December 16, 2022, when PLDT disclosed that its capital expenditures between 2019 and 2022 exceeded its budget by $866 million—an amount equivalent to PLDT’s net income for 2020 and 2021 combined. Following this announcement, the U.S. Securities and Exchange Commission reportedly commenced an inquiry into the matter. On this news, the price of PLDT ADS fell $6.35 per share, or 23.69%, to close at $20.46 on the following trading day, December 19, 2022 on elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.