NEW YORK, March 03, 2023 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired PLDT Inc. (“PLDT” or the “Company”) (NYSE: PHI) securities during the period from January 1, 2019 through December 19, 2022 (the “Class Period”). Investors have until April 7, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

PLDT is a telecommunications and digital services provider, which offers fixed line, wireless, and fiber optic communication technology services in The Philippines.

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 and 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 launched an inquiry amid questions over the Company’s corporate governance and fiscal control. On this news, the price of PLDT shares declined by $6.35, or approximately 23.69%, from $26.81 per share to close at $20.46 on December 19, 2022.

The lawsuit alleges that, throughout the Class Period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) there were capital spending budget overruns; and (2) Defendants had failed to address weaknesses that allowed such budget overruns.

If you purchased or otherwise acquired PLDT securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.

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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com