NEW YORK, March 29, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in PLDT Inc. (“PLDT” or the “Company”) PHI. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.

The investigation concerns whether PLDT and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

[Click here for information about joining the class action]

on December 19, 2022, Bloomberg published an article reporting in the relevant part that “[t]The Philippines’ Securities and Exchange Commission has opened an investigation into PLDT Inc.’s 48 billion peso ($866 million) investment budget overrun, which has sparked a record plunge in the stock amid corporate governance and tax control issues, the article said.[t]The spending probe casts a stain on the finances and governance of PLDT, the country’s largest phone company by revenue and one of the country’s most-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.”

As a result of 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 recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomlaw.com.

CONTACT:

Robert S Willoughby