Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against PLDT Inc. (PHI)

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming April 7, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased PLDT Inc. (“PLDT” or the “Company”) (NYSE: PHI) securities between January 1, 2019 and December 19, 2022, inclusive (the “Class Period”).

Investors suffering losses on their PLDT investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [e-mail].

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. The Company stated 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 has launched an inquiry amid questions over the Company’s corporate governance and fiscal control.

On this news, the Company’s share price fell $6.35, or 23.7%, to close at $20.46 per share on December 19, 2022, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) there were capital spending budget overruns; (2) Defendants failed to address weaknesses that allowed such budget overruns; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired PLDT securities during the Class Period, you may move the Court no later than April 7, 2023 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at [phone], toll-free at [phone], or by email to [e-mail], or visit our website at www.howardsmithlaw.com.

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