PLDT, Inc. Class Action Lawsuit - PHI
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The PLDT class action lawsuit seeks to represent purchasers or acquirers of PLDT, Inc. (NYSE: PHI) publicly traded securities between January 1, 2019, and December 19, 2022, inclusive (the “Class Period”). Captioned Olsson v. PLDT Inc., No. 23-cv-00885 (C.D. Cal.), the PLDT class action lawsuit charges PLDT and certain of PLDT’s top executives and directors with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the PLDT class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the PLDT class action lawsuit must be filed with the court no later than April 7, 2023.
CASE ALLEGATIONS: PLDT purports to be the Philippines’ largest fully integrated telco company. Through its principal business groups, PLDT offers a wide range of telecommunications and digital services across the Philippines’ most extensive fiber optic backbone and fixed line cellular networks.
The PLDT class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) PLDT was facing capital spending budget overruns; and (ii) PLDT and certain of its executives and directors failed to address weaknesses that allowed such budget overruns.
On December 16, 2022, PLDT announced that it was facing a budget overrun of PHP 48 billion. Then, on December 19, 2022, Bloomberg reported that the Philippines’ Securities and Exchange Commission launched an inquiry into PLDT’s budget overrun. On this news, the price of PLDT shares declined more than 19%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired PLDT publicly traded securities during the Class Period to seek appointment as lead plaintiff in the PLDT class action lawsuit. A 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. A 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 class 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.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.