McCune Law Group Investigating PLDT Inc. (NYSE: PHI) Lawsuit Over Misleading Statements
The Class Action Lawsuit Alleges PLDT Inc. Failed to Disclose Vital Financial Information to Investors
McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt APC (MLG) is investigating bringing a lawsuit against PLDT Inc. (NYSE: PHI) over allegations that PLDT Inc. made false and/or misleading statements that failed to disclose vital financial information. The claim also alleges that PLDT Inc. and certain of its executives and directors failed to address weaknesses that allowed such overruns. Unfortunately for investors, these false and/or misleading statements caused severe damages and losses. Investors have until April 7, 2023, to file a motion for appointment as lead plaintiff in this PLDT Inc. Lawsuit. Investors with substantial losses on PLDT Inc. shares purchased or acquired between January 1, 2019, and December 19,2022, and who wish to serve as lead plaintiff should contact MLG.
Have you suffered losses as a result of a company’s misleading or false statements?
McCune Law Group Investigating PLDT Inc. Lawsuit Over Alleged Misleading/False Statements
McCune Law Group, McCune Wright Arevalo Vercoski Weck Brandt APC (MLG), is investigating the need to bring a class action lawsuit against PLDT Inc. (or “the Company”) alleging it made false and/or misleading statements that significantly damaged investors. The complaint, captioned Olsson v. PLDT INC., No. 2:23-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 and is brought by plaintiff on behalf of all purchasers of PLDT Inc. common stock during the period of January 1, 2019, through December 19, 2022, inclusive (“Class Period”).
The PLDT Inc. lawsuit also alleges that the defendants throughout the class period made false and/or misleading statements and/or failed to disclose that (1) there we capital spending budget overruns; (2) Defendants failed to address weaknesses that allowed such budget overruns; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased shares of PLDT Inc. during the period of January 1, 2019, through December 19, 2022, and have suffered significant losses due to the Company’s misleading statements, contact MLG by the April 7, 2023, lead plaintiff deadline. a free consultation!
PLDT Inc. Class Action Lawsuit Alleges Statements Significantly Damaged Investors
Defendant PLDT purports to be the Philippines’’ largest fully integrated telco company. Through its principal business groups, it offers a wide range of telecommunications and digital services across the Philippine’s’ most extensive fiber optic backbone, and fixed line and cellular networks. On December 16, 2022, PLDT filed with the SEC a Form 6-K. The form revealed that PLDT was facing an overrun of PHP 48 billion. Then on December 19, 2022, Bloomberg reported that The 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. PLDT shares tumbled more than 19%, with almost 62 billion pesos in market value wiped out.
The budget overrun is almost equivalent to PLDT’s combined 2020 and 2021 net income. It’s also more than twice the 21.46 billion pesos of cash and cash equivalents that PLDT had at the end of last quarter. While PLDT hasn’t given details, Pangilinan said in a Philippine Daily Inquirer report that as much as 130 billion pesos in undocumented purchases were made from 2019 through 2022 and an audit lowered the “questionable deals” to 48 billion pesos.
If you have invested in PLDT Inc. and have suffered significant damages due to their misleading and/or false statements, contact our Securities Litigation team today by completing the form to arrange a free consultation. If you would like to file as lead plaintiff in this PLDT Inc. class action lawsuit, you have until April 7, 2023.
How Do I Serve as a Lead Plaintiff in the PLDT Inc. Class Action Lawsuit?
Please contact our securities litigation team today. The filling process can become complicated, here is a general rundown of what to expect:
- Fill out our contact form with your information
- Set up your free consultation
- Meet with our securities litigation team
- Discuss your potential case
- Discuss your next steps
Contact our securities litigation team today if you have any questions regarding this class action lawsuit.
Handling This Investigation
Elaine S. Kusel, who joined McCune Wright Arevalo, Vercoski, Kusel, Weck, Brandt, APC, (MLG), in 2008 and leads the firm’s New Jersey office. As a nationally renowned class action attorney, she performs a significant role in the firm’s Consumer Fraud Class Action and Securities Litigation divisions. After graduating from law school, her practice had included fraud litigation, mass torts, and international human rights law. Ms. Kusel has been integral to the successful recovery of multi-million-dollar settlements and verdicts for wronged consumers and investors.
Sherief Morsy joined the McCune Wright Arevalo, Vercoski, Kusel, Weck, Brandt, APC, (MLG), New Jersey office in 2020. His practice primarily focuses on consumer fraud class actions, Securities Litigation, and other complex litigation matters. Prior to joining the firm, Mr. Morsy was a senior associate at a New York City law firm, whose practice focused on complex civil and class action litigation, including securities litigation, antitrust litigation, and consumer class actions. As he previously assisted investors in recovering their losses resulting from corporate securities fraud, he now focuses that experience at McCune Wright Arevalo, Vercoski, Kusel, Weck, Brandt, APC, (MLG), in assisting people who have been victimized by deceptive business practices or other corporate wrongdoing.
McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt APC is responsible for this solicitation. The information provided on this website is for general information purposes only. The information you obtain is not, nor is it intended to be, legal advice. Use of this website or submission of the online form does not create an attorney-client relationship.
Counsel Richard McCune is licensed to practice only in the state of California. The law firm of McCune Law Group has attorneys licensed to practice law in AZ, CA, IL, MO, NJ, NY, and PA. This information section is not intended to be a solicitation for services in states where it is forbidden for non-barred attorneys from advertising for services, and McCune Law Group does not have attorneys barred in that state. McCune Law Group is a national firm that brings lawsuits in a majority of the states. In states where one of its attorneys are not barred, it does so by filing the complaint along with local counsel barred in that state.
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