PHILADELPHIA, PA / ACCESSWIRE / February 8, 2023 / Berger Montague advises investors that a securities fraud class action lawsuit has been filed against PLDT, Inc. ("PLDT") (NYSE:PHI) on behalf of those who purchased PLDT securities between January 1, 2019 and December 19, 2022, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired PLDT securities during the Class Period may, no later than April 7, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (215) 875-3093, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit: https://investigations.bergermontague.com/pldt-inc/
PLDT purports to be the Philippines' largest fully integrated telco company. Through its principal business groups, PLDT offers a wide range of telecommunications and digital services across the Philippines' most extensive fiber optic backbone, and fixed line and cellular networks.
On December 16, 2022, PLDT filed with the SEC a Form 6-K, which stated, "over the past four years . . ., PLDT, Inc. and its subsidiary, Smart Communications Inc., embarked on a massive network transformation" which cost PHP 379 billion, including an estimated budget overrun of PHP 48 billion ($866 million).
On December 19, 2022, Bloomberg reported that "The Philippines' Securities and Exchange Commission has launched an inquiry into the 48-billion peso ($866 million) capital spending budget overrun at PLDT Inc. that triggered a record plunge in the stock amid questions over its corporate governance and fiscal control."
Following this news, on December 19, 2022, PLDT's share price fell $6.35 per share, or more than 19%, to close at $20.46.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) there were capital spending budget overruns; (2) the defendants failed to address weaknesses that allowed such budget overruns; and (3) as a result, the defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., San Francisco, and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(215) 875-3093
[email protected]
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
SOURCE: Berger Montague