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PHI INVESTIGATION ALERT: Robbins Geller Rudman & Dowd LLP Announces Investigation into PLDT Inc. and Encourages Investors with Substantial Losses or Witnesses with Relevant Information to Contact the Firm

PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.
December 20, 2022 GMT

SAN DIEGO--(BUSINESS WIRE)--Dec 20, 2022--

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:

https://www.rgrdlaw.com/cases-pldt-inc-investigation-phi.html

You can also contact attorneyJ.C. Sanchezof Robbins Geller by calling 800/449-4900 or via e-mail atjsanchez@rgrdlaw.com.

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%.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

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View source version on businesswire.com:https://www.businesswire.com/news/home/20221220005773/en/

CONTACT: Robbins Geller Rudman & Dowd LLP

655 W. Broadway, Suite 1900, San Diego, CA 92101

J.C. Sanchez, 800-449-4900

jsanchez@rgrdlaw.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL

SOURCE: Robbins Geller Rudman & Dowd LLP

Copyright Business Wire 2022.

PUB: 12/20/2022 06:10 PM/DISC: 12/20/2022 06:11 PM

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