Los Angeles, California–(Newsfile Corp. – December 23, 2022) – The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of PLDT Inc. (“PLDT” or “the Company”) (NYSE: PHI) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. PLDT announced on December 16, 2022, that it had overrun its budget for broadband and other projects by the equivalent of $866 million over the past four years. The Company claimed to be “undertaking a management reorganization process and has initiated improvements on its processes and systems to address weakness that allowed such budget overruns to occur.” Based on this information, the Philippines Securities and Exchange Commission launched an investigation into the Company. Shares of PLDT dropped by more than 24.4% in intraday trading on December 19, 2022.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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