ICYMI: PLDT Inc. and its top executives are facing class action lawsuits in the US arising from the P48-billion budget mess, which disgruntled investors blame for the drop in the telco giant’s share prices that in turn caused trading losses.
The plaintiffs, led by Olsson, are demanding compensation for damages the defendants allegedly caused upon them due to violations of federal securities laws, which have yet to be proven.
The plaintiffs noted that press releases related to capital expenditure and other spending during the four-year class period did not include the budget snafu until December last year.On Dec. 16, 2022, PLDT disclosed that it had incurred billions-worth of budget overrun from 2019 up to last year due to “over orders” related to rollout of 5G and wireless services, among others.
It was previously reported that PLDT American Depository Receipts dropped by more than 23 percent on Dec. 19 following the budget overrun disclosure. On the same day, PLDT shares traded via the local bourse plummeted by nearly 20 percent to P1,192 each, wiping out around P62 billion in shareholders’ value.Inquirer reached out to the telco giant for comments about the law suits but have yet to receive a response.
The telco player is negotiating with vendors to slash their obligations, in addition to seeking for payment deferral, to mitigate the impact of the overspending on their bottom-line.
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