SAN FRANCISCO, April 05, 2023 (GLOBE NEWSWIRE) — Hagens Berman calls on PLDT Inc. PHI Investors who have suffered significant losses Submit your losses now.

school lesson: January 1, 2019 – December 19, 2022
Deadline for lead plaintiff: April 7, 2023
Visit: www.hbsslaw.com/investor-fraud/PHI
Contact a lawyer now: PHI@hbsslaw.com
844-916-0895

PLDT Inc. PHI Class action lawsuit alleging securities fraud:

The litigation focuses on previous disclosures by PLDT about capital expenditures made as part of its massive network transformation program.

Specifically, the Complaint alleges that throughout the Class Period, the Defendants made false or misleading statements and failed to disclose the following: (1) PLDT suffered gross overinvestment; and (2) they failed to address vulnerabilities that made such transgressions possible.

Investors began learning the truth on December 16, 2022, when PLDT announced it was experiencing a budget overrun of approximately Pta 48 billion for its network transformation program over the 2019-2022 period.

additionally Filipino Daily Inquirer reported that the chairman of the PLDT (Manuel Pangilinan) was first briefed on the preliminary discovery of up to 130 billion pesos in “financial anomalies” in October 2022, before that figure was truncated to the 48 billion pesos the company announced on March 16. December announced.

The questioner reported further: (1) “[t]his officer had discovered that the company had ordered and paid for billions of pesos worth of Internet and telephone network equipment without the paperwork needed for an accurate record;” (2) Pangilinan “said he immediately ordered an internal forensic team will be put together to assess this damage;” and (3) “[h]We also ordered the engagement of an external auditor, unaffiliated with PLDT’s external auditor, SGV & Co., to search the company’s books from top to bottom looking for potential fraud.”

Then, on December 19, 2022, Bloomberg reported that the Securities and Exchange of the Philippines…