Several shareholder rights litigation firms in the United States announced separate probes on behalf of investors of PLDT amid its budget overrun and violations of securities laws.
issued a similar announcement and encouraged PHI shareholders with losses to contact the firm for a class action investigation.
after several brokers were able to sell PLDT shares last Friday, December 19, ahead of the company’s announcement of a budget overrun and led to a sharp 4% decline. PLDT announced the news after trading hours.In a media release on Wednesday, December 21, PLDT said it is “cooperating and will continue to cooperate fully” with government agencies involved in the probe.
In PLDT’s case, the budget overrun amounted to P48 billion, 12.7% of the total capital expenditure spend of P379 billion for the last four years.
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