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Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired PLDT Inc. (“PLDT” or the “Company”) (NYSE: PHI) securities between January 1, 2019 and December 19, 2022, inclusive. The lawsuit seeks to recover Daktronics shareholders’ investment losses.

If you purchased securities in PLDT between January 1, 2019 and December 19, 2022, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.

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.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.

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Contact Information:

Peter Allocco
Bernstein Liebhard LLP
(212) 951-2030