PLDT Inc. Investors: Company Investigated by the Portnoy Law Firm
Investors cancontactthe law firm at no cost to learn more about recovering their losses
LOS ANGELES, Dec. 29, 2022 (GLOBE NEWSWIRE) --
The Portnoy Law Firm advises PLDT Inc. (“PLDT” or the “Company”) (NYSE: PHI) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: firstname.lastname@example.org, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
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. Then on December 18, 2022, Bloomberg published an article which stated ”[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 Bloomberg article added that the ”[a]mount is close to its combined 2020 and 2021 net income”.
On this news, PLDT’s American depositary receipts (ADR) price fell $6.35 per ADR, or 23%, to close at $20.46 per ADR on December 19, 2022, on unusually heavy trading volume.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar