SAN FRANCISCO, Jan. 30, 2023 (GLOBE NEWSWIRE) — Hagens Berman Requests PLDT Inc. (New York Stock Exchange: PHI) Investors who have suffered significant losses should report their losses now.
PLDT Inc. (NYSE: PHI) Study:
The research focuses on PLDT’s historical disclosures regarding capital expenditures.
Specifically, on December 16, 2022, PLDT announced that it has experienced budget overruns of approximately P48 billion in large-scale network transformation programs from 2019 to 2022.
the next day, Philippines Daily Inquirer PLDT’s chairman (Manuel Pangilinan) was first informed two months ago of the preliminary discovery of a P130 billion “financial anomaly”, after which the company announced on December 16 that the P48 billion reported that it was reduced to Pangilinan said he was informed by his senior executives about the problem of undocumented purchase orders worth billions of pesos in early October, reports said.
of Inquirer Further reported: (1) “[t]His representatives found that the company had ordered and paid for billions of pesos worth of internet and telephone network equipment without the paperwork required for accurate record keeping. (2) Mr Pangilinan said he immediately ordered an internal forensic team to be formed to assess the damage.[h]e also hired a third-party auditor, unaffiliated with PLDT’s external auditor, SGV & Co., to scrutinize the company’s books and records for potential misconduct. rice field. ”
In response to these events, the price of PLDT American Depositary Shares has dropped significantly.
“We are looking at investor losses and whether PLDT misled investors about the CAPEX spending associated with building the network,” said Reed Kathrein, partner at Hagens Berman, who led the investigation. says.
If you have invested in PLDT and suffered significant losses, or if you have knowledge that may be useful in investigating the company, please click here to discuss your legal rights with Hagens Berman.
Whistleblower: Anyone with nonpublic information about the PLDT should consider cooperating with the investigation or using the SEC Whistleblower Program. Under the new program, whistleblowers who provide original information can be rewarded up to 30% on total successful recoveries by the SEC. Please call Reed Kathrein for more information. 844-916-0895 Or send an email to PHI@hbsslaw.com.
About Hagens Bermann
Hagens Berman is a global law firm specializing in complex plaintiff rights litigation with a focus on corporate accountability through class action law. The firm is home to a strong securities litigation practice and is committed to helping investors, whistleblowers, workers as well as investors when achieving real results for those victimized by corporate negligence and fraud. , consumers, etc. For more information on the company and its success, please visit hbsslaw.com. Follow the company for updates and news at @ClassActionLaw.
contact:
Reed Kathline, 844-916-0895
