NEW YORK, March 3, 2023 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of those who acquired PLDT Inc. in the United States District Court for the Central District of California. “PLDT” or the “Company”) PHI Securities during the period from 1 January 2019 to 19 December 2022 (the “Class Period”). Investors have until April 7, 2023 to apply to the court to be named lead plaintiff in the lawsuit.

PLDT is a telecommunications and digital services provider offering fixed line, wireless and fiber optic communication technology services in the Philippines.

On December 16, 2022, PLDT announced that it had exceeded its budget for broadband and data projects by PHP 48 billion (equivalent to US$ 866 million) over the last four years and that it was “undergoing a process of management restructuring and improvements has put in place processes and systems to address vulnerabilities that allowed such budget overruns.” In response, the Philippine Securities and Exchange Commission opened an investigation into issues related to corporate governance and tax controls at the company. The news caused PLDT shares to fall 6.35 $ or about 23.69% from $26.81 per share to a closing price of $20.46 on December 19, 2022.

The Complaint alleges that during the Class Period, the Defendants made materially false and/or misleading statements and/or failed to disclose the following: (1) there were capital expenditure overruns; and (2) defendants failed to address vulnerabilities that enabled such budget overruns.

If you have purchased or otherwise acquired PLDT securities, have any information, or would like to learn more about this lawsuit and how it may affect your rights, please contact Thomas W Elrod from Kirby McInerney LLP by email at investigations@kmllp.comor by filling this out Contact formto discuss your rights or interests in relation to these matters at no cost to you.

Kirby McInerney LLP is a…