San Diego, CA -- (SBWIRE) -- 01/20/2023 -- PLDT Inc. is under investigation over potential securities laws violations in connection with certain 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. 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:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, 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, investigation, and/or settlements are not filed/reached and/or 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.