National Law Firm Investigating PLDT Inc. Over Alleged False/Misleading Statements That Damaged Investors

Complaint Alleges that PLDT Failed to Disclose Vital Financial Information

ONTARIO, Calif., Feb. 10, 2023 /PRNewswire/ -- McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt APC (MLG) – a national law firm specializing in Securities Litigation, Commercial Litigation, and Class Actions, is investigating bringing a lawsuit against PLDT Inc. (NYSE: PHI) over allegations that PLDT Inc. made false and/or misleading statements that failed to disclose vital financial information. The complaint also alleges that PLDT Inc. and certain of its executives and directors failed to address weaknesses that allowed such overruns. Unfortunately for investors, these false and/or misleading statements caused severe damages and losses. The case, captioned Olsson v. PLDT INC., No. 2:23-cv-00885 (C.D. Cal.), brings claims on behalf of all purchasers of PLDT Inc. Securities during the period of January 1, 2019, though December 19, 2022, inclusive ("Class Period") against PLDT and certain of PLDT's top executives and directors based on violations of the Securities Exchange Act of 1934. Investors have until April 7, 2023, to seek appointment as lead plaintiff in the lawsuit.

The PLDT Inc. lawsuit alleges that the defendants throughout the class period made false and/or misleading statements and/or failed to disclose that (1) there we 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.

PLDT purports to be the Philippines' largest fully integrated telco company. Through its principal business groups, it offers a wide range of telecommunications and digital services across the Philippine's' most extensive fiber optic backbone, and fixed line and cellular networks.

The lawsuit alleges that on December 16, 2022, PLDT filed with the SEC a Form 6-K revealing that PLDT was facing an overrun of PHP 48 billion. Then on December 19, 2022, Bloomberg reported that The 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. On this news, PLDT shares tumbled more than 19%, or $6.34, to close at $20.46, damaging investors.

About MLG's Securities Litigation Practice: The Securities Litigation attorneys of MLG provide representation for investors who have been wronged through fraud, scams, and schemes. Our team has many years of experience bringing claims on behalf of investors and pursues all avenues of compensation to maximize our clients' recovery as they navigate this tumultuous time. With hard-hitting tactics and dedicated legal professionals protecting our clients' interests, MLG's Securities Litigation Practice Group hopes to hold companies accountable for their unfair or illegal financial practices. 

About McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt APC: McCune Law Group has a deep history of success for its clients. MLG maintains California offices in Ontario, San Bernardino, Calimesa, Palm Desert, and Irvine and supports its national practice with offices in Illinois and New Jersey. Visit mccunewright.com for more information.

About the Lead Plaintiff Process: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or otherwise acquired PLDT shares during the Class Period to seek appointment as lead plaintiff. The lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. The lead plaintiff acts on behalf of all other class members in directing the PLDT class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the PLDT action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the PLDT class action lawsuit.

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SOURCE McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt, APC