LOS ANGELES--(BUSINESS WIRE)--Dec 19, 2022--

The Law Offices of Frank R. Cruz announces an investigation of PLDT Inc. (“PLDT” or the “Company”) (NYSE: PHI ) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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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.

On this news, the Company’s share price fell as much as 23.1% during intraday trading on December 19, 2022, thereby injuring investors.

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If you purchased PLDT securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20221219005737/en/

CONTACT: The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007

fcruz@frankcruzlaw.com

www.frankcruzlaw.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES CLASS ACTION LAWSUIT

SOURCE: The Law Offices of Frank R. Cruz

Copyright Business Wire 2022.

PUB: 12/19/2022 02:25 PM/DISC: 12/19/2022 02:25 PM

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