Kirby McInerney LLP Announces an Investigation of Shareholder Claims Against PLDT Inc. (PHI)

NEW YORK--(BUSINESS WIRE)--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.

If you purchased or otherwise acquired PLDT securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [e-mail], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.

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