Robbins Geller Rudman & Dowd LLP announces an investigation into potential violations of U.S. federal securities laws by PLDT Inc. (NYSE: PHI) focused on whether PLDT and certain of its top executive officers made false and misleading statements and/or failed to disclose material information to investors.
If you have information that could assist in this investigation or if you are a PLDT investor who suffered a loss and would like to learn more, you can provide your information here:
THE COMPANY: PLDT is the Philippines’ largest fully integrated telco company, serving over 79 million users through the provision of mobile, fixed line, and data services.
THE REVELATION: On December 19, 2022, Bloomberg reported that “[t]he 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.” “The budget overrun is almost equivalent to PLDT’s combined 2020 and 2021 net income,” Bloomberg added. The Philippine Daily Inquirer also reported that a number of top PLDT executives had been suspended while an investigation was underway with the help of a third-party auditor. On this news, the price of PLDT American Depository Receipts (“ADRs”) fell by nearly 24%.
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