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PLDT Inc.


The law firm of Kirby McInerney LLP is investigating potential claims against PLDT Inc. (“PLDT” or the “Company”) (NASDAQ:PHI). The investigation concerns whether PLDT and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
 
PLDT is a telecommunications and digital services provider, which offers fixed line, wireless, and fiber optic communication technology services in The Philippines.
 
On December 16, 2022, PLDT announced that it had overrun its budget by PHP 48 billion (equivalent to $866 million) for broadband and data projects over the past four years and that it was “undertaking a management reorganization process and has initiated improvements on its processes and systems to address weakness that allowed such budget overruns to occur.” In response, the Philippines Securities and Exchange Commission launched an inquiry amid questions over the Company’s corporate governance and fiscal control. On this news, the price of PLDT shares declined by $6.35, or approximately 23.69%, from $26.81 per share to close at $20.46 on December 19, 2022.
 

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