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PHI.US
id: 576, Created by Stan Vick Chase, Scout
Investors in PLDT (PHI) ADR are to Fight Misleading Losses Back
How it works?
- We find Attorney for the Case
- Attorney files case on behalf of Investors
- You get updates and receive payout in case of success
Would it cost me anything?
- No, you do not pay anything out of your pocket neither to us, nor to Attorney
- Attorneys get % fee in case of success
- Platform charges service fee from Attorneys
What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
How it works?
- We find Attorney for the Case
- Attorney files case on behalf of Investors
- You get updates and receive payout in case of success
Would it cost me anything?
- No, you do not pay anything out of your pocket neither to us, nor to Attorney
- Attorneys get % fee in case of success
- Platform charges service fee from Attorneys
What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
- The Philippines SEC launched an investigation into PLDT's (PHI) capital spending overrun.
- PLDT (PHI) stock plunged 19% wiping out over $ 1B market capitalization, seriously damaging Investors.
- Investors suspect PLDT (PHI) and its Leaders of multiple violations which negatively affected the value of their shareholdings.
On December 19, 2022, Bloomberg reported that the Philippines’ Securities and Exchange Commission has launched an inquiry into the 48-billion peso ($866 million) capital spending budget overrun at PLDT Inc.
On this news, PLDT shares tumbled more than 19%, with almost 62 billion pesos in market value wiped out.
- Earlier, PLDT’s US-traded depositary receipts dropped 2.4% when PLDT announced the budget irregularity from 2019 through 2022 when it spent 379 billion pesos to bulk up its network for broadband.
- The spending probe casts a stain on the finances and governance of PLDT, the country’s biggest phone company by revenue and among the nation’s most widely held stocks by foreign investors.
- It also raised questions about the management of PLDT Chairman Manuel Pangilinan, 76, who was also president and CEO until June 2021. The cost overrun and the selloff in the shares just ahead of PLDT’s disclosure are “areas of concern” for the SEC, the regulator said in a statement, adding that it immediately commenced an inquiry into the matter.
- The commission also ordered the Philippine Stock Exchange to submit its report on its own investigation on the Dec. 16 trading activities.
- The regulator’s move should provide clarity to investors on what’s happening in PLDT, said Japhet Tantiangco, an analyst at Philstocks Financial Inc. “It’s highly possible that there were lapses and violations committed that led to this problem and PLDT as a public company must explain to investors what happened,” Tantiangco said.
Taking all the representations, facts, and market reactions into account, Investors have reason to suspect that the Company and its Leaders could violate the rights of shareholders, which could result in significant investment losses for them.
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Fraud,
Failure to Disclose,
Price manipulation,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Shareholder,
Investment Bank,
Service Provider
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Shock Event Date
19 December 2022
Case number
23-CV-00885
Filing date
06 February 2023
Lead Plaintiff Deadline
07 April 2023
Court
Central District of California