National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP recommends that investors in PLDT Inc. (“PLDT” or the “Company”) who suffered losses from purchasing or otherwise acquiring PLDT securities (NYSE: PHI) between January 1, 2019 and December 19, 2022 contact our attorneys immediately regarding pending securities fraud class action against PLDT. The deadline to apply to be a lead plaintiff is April 7, 2023.
Class Period: January 1, 2019 – December 19, 2022
Lead Plaintiff Motion Deadline: April 7, 2023
Case information: lieffcabraser.com/securities/pldt
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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.
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#PLDT Inc. INVESTORS: April 7, 2023 Filing Deadline in #Securities #ClassAction – Contact Lieff Cabraser #stocknews #PLDT $PHI
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