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PLDT Inc. (PHI) 

Investigation 

Bronstein, Gewirtz & Grossman, LLC is investigating potential claims against PLDT Inc. (“PLDT” or “the Company”) (NYSE: PHI). Investors who purchased PLDT American Depository Receipts (ADRs) are encouraged to obtain additional information and assist the investigation.

 

The investigation concerns whether PLDT violated federal securities laws.

 

On December 19, 2022, Bloomberg published an article reporting, in relevant part, that “[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.”  Per the article, “[t]he spending probe casts a stain on the finances and governance of PLDT, the country’s biggest phone company by revenue and among the nation’s most widely held stocks by foreign investors. It also raised questions about the management of PLDT Chairman Manuel Pangilinan, 76, who was also president and CEO until June 2021.”  On this news, PLDT’s stock price fell $6.35 per share, or 23.69%, to close at $20.46 per share on December 19, 2022.

 

If you are aware of any facts relating to this investigation or purchased PLDT ADRs, you can assist this investigation. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484. 

 

Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits.  The firm has recovered hundreds of millions of dollars for investors nationwide.  Attorney advertising. Prior results do not guarantee similar outcomes.

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