NEW YORK, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of PLDT Inc. (“PLDT” or the “Company”) (NYSE: PHI). A complaint has been filed on behalf of investors who purchased or otherwise acquired publicly traded PLDT securities between January 1, 2019 and December 19, 2022, inclusive (the “Class Period”).
If you acquired PLDT securities during the Class Period and would like to discuss this case or our investigation, please contact us by emailing jcampisi@kaplanfox.com or by calling (212) 329-8571 or click here.
If you are a member of the proposed Class, you may move the court no later than April 7, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On December 19, 2022, PLDT filed with the SEC a Form 6-K, that included copies of disclosure letters filed with the Philippine Stock Exchange regarding a disclosable event/information, which stated, in pertinent part, as follows: Elevated Capex Spend … Over the past four years (2019-2022), PLDT Inc. and its subsidiary, Smart Communications Inc, embarked on a massive network transformation program and launched large multi-year capex projects . . . while these substantial capex investments were key to meeting PLDT’s goals, they came at a price—capex investments for these four years aggregated PHP 379 billion, including an estimated budget overrun of no more than PHP 48 billion. We must stress that the maximum PHP 48 billion capex budget overrun represents about 12.7% of total capex spend over the period. This best estimate is subject to: (a) ongoing internal forensics mandated by the board and its audit committee and (b) discussions with principal vendors with a view to reconciliation of accounts and reduction of such budget overruns.”
On December 19, 2022, PLDT shares declined from a closing price on December 16, 2022 of $26.81 per share, to close at $20.46 per share, a decline of over 19% on heavier than average trading volume.
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) there were capital spending budget overruns; (2) Defendants failed to address weaknesses that allowed such budget overruns; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
