Investigation announced for Investors of PLDT Inc. (NYSE: PHI) over possible Violations of Securities Laws

PLDT Inc. is under investigation over potential securities laws violations in connection with certain financial statements.

Investors who purchased shares of PLDT Inc. (NYSE: PHI), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by PLDT Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Philippines based PLDT Inc. provides telecommunications and digital services in the Philippines. PLDT Inc. (NYSE: PHI) reported that its annual Total Revenue rose from over 181 billion PHP in 2020 to over 193.25 billion PHP in 2021, and that its Net Income increased from 24.28 million PHP in 2020 to 26.36 million PHP in 2021.

On December 19, 2022, Bloomberg reported that "[t]he 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 amid questions over its corporate governance and fiscal control." "The budget overrun is almost equivalent to PLDT's combined 2020 and 2021 net income," Bloomberg added. The Philippine Daily Inquirer also reported that a number of top PLDT executives had been suspended while an investigation was underway with the help of a third-party auditor. On this news, the price of PLDT American Depository Receipts ("ADRs") fell by nearly 24%.
Shares of PLDT Inc. (NYSE: PHI) declined from $39.00 per share on May 16, 2022, to as low $20.20 per share on December 19, 2022.

Those who purchased shares of PLDT Inc. (NYSE: PHI) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.