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.
Attorney Advertising. Prior results do not guarantee or predict
a similar outcome with respect to any future matter.
CONTACT: dct@mccunewright.com
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SOURCE McCune Law Group, McCune Wright Arevalo Vercoski Kusel
Weck Brandt, APC