SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of PLDT Inc. - PHI
NEW YORK, March 22, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of PLDT Inc. ("PLDT" or the "Company") (NYSE: PHI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether PLDT and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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