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SAN FRANCISCO--(BUSINESS WIRE)--National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP recommends that investors in PLDT Inc. ("PLDT" or the "Company") who suffered losses from purchasing or otherwise acquiring PLDT securities (NYSE: PHI) between January 1, 2019 and December 19, 2022 contact our attorneys immediately regarding pending securities fraud class action against PLDT. The deadline to apply to be a lead plaintiff is April 7, 2023.
Class Period: January 1, 2019 – December 19, 2022
Lead Plaintiff Motion Deadline: April 7, 2023
Case information: lieffcabraser.com/securities/pldt
Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358
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The securities class action alleges that, throughout the Class Period, PLDT and certain of its senior executives and directors made materially false and misleading statements and failed to disclose: (1) that the Company massively overran its capital expenditure budget between 2019 and 2022; and (2) that PLDT lacked adequate internal controls to prevent such budget overruns.
Investors began to learn of defendants' fraud on December 16, 2022, when PLDT disclosed that its capital expenditures between 2019 and 2022 exceeded its budget by $866 million—an amount equivalent to PLDT's net income for 2020 and 2021 combined. Following this announcement, the U.S. Securities and Exchange Commission reportedly commenced an inquiry into the matter. On this news, the price of PLDT ADS fell $6.35 per share, or 23.69%, to close at $20.46 on the following trading day, December 19, 2022 on elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
Contacts
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
slee@lchb.com
Class Period: January 1, 2019 – December 19, 2022
Lead Plaintiff Motion Deadline: April 7, 2023
Case information: lieffcabraser.com/securities/pldt
Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358
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The securities class action alleges that, throughout the Class Period, PLDT and certain of its senior executives and directors made materially false and misleading statements and failed to disclose: (1) that the Company massively overran its capital expenditure budget between 2019 and 2022; and (2) that PLDT lacked adequate internal controls to prevent such budget overruns.
Investors began to learn of defendants' fraud on December 16, 2022, when PLDT disclosed that its capital expenditures between 2019 and 2022 exceeded its budget by $866 million—an amount equivalent to PLDT's net income for 2020 and 2021 combined. Following this announcement, the U.S. Securities and Exchange Commission reportedly commenced an inquiry into the matter. On this news, the price of PLDT ADS fell $6.35 per share, or 23.69%, to close at $20.46 on the following trading day, December 19, 2022 on elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
Contacts
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
slee@lchb.com
Filed Under: Business
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