The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against PLDT Inc. (PHI)

Published 2 years ago via Business Wire

The Law Offices of Frank R. Cruz reminds investors of the upcoming April 7, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired PLDT Inc. (“PLDT” or the “Company”) (NYSE: PHI) securities between January 1, 2019 and December 19, 2022, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

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.

On this news, the Company’s share price fell $6.35, or 23.7%, to close at $20.46 per share on December 19, 2022, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) there were capital spending budget overruns; (2) Defendants failed to address weaknesses that allowed such budget overruns; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired PLDT securities during the Class Period, you may move the Court no later than April 7, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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

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