Connect with us

Hi, what are you looking for?

News

PLDT won’t engage with US law firms’ probe

PLDT Inc. on Wednesday said it will not engage with the law firms in the United States that have recently expressed interest in probing the company for possible violations of federal securities laws.

“While PLDT has seen reports that certain US law firms are investigating potential claims on behalf of investors of PLDT for alleged violations of securities laws — as is common when issuers disclose certain events — PLDT is not engaging with such law firms and has retained US counsel to defend against any suits that may be filed,” the company said in a statement.

“We reiterate that PLDT remains committed to transparency and will continue to release timely official statements and disclosures that are based on facts, in order to apprise the investing public, especially its shareholders, of relevant information,” it added.

The law offices of McInerney LLP, Robbins Geller Rudman & Dowd LLP, Glancy Prongay & Murray LLP, Howard G. Smith, Frank R. Cruz, Johnson Fistel LLP, and The Schall Law Firm have all announced that they would look into PLDT.

“The investigation concerns whether PLDT and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices,” Kirby McInerney LLP said in a statement.

Robbins Geller Rudman & Dowd LLP said its investigation would focus on “whether PLDT and certain of its top executive officers made false and misleading statements and/or failed to disclose material information to investors.”

PLDT disclosed on Dec. 16 a P48-billion budget overrun representing about 12.7% of its P379-billion capital expenditure (capex) over the past four years.

“The price of PLDT shares declined by $6.35 or approximately 23.69% from $26.81 per share to close at $20.46 on Dec. 19,” the law firm of Kirby McInerney LLP said.

In the Philippines, PLDT shares closed 19.35% lower at P1,192 apiece on Dec. 19.

PLDT said in a separate disclosure that it is in discussions with “major vendors.”

“The major vendors involved in the discussions are Cisco, Ericsson, Huawei, and FiberHome,” it said.

“None of the aforementioned vendors is a related party,” it added.

The company is in talks with suppliers for discounts and the cancellation of certain components of delayed projects to reduce its P48-billion budget overrun.

The Pangilinan-led company added that its discussion with suppliers also includes the possible replacement of certain projects that will be canceled.

PLDT shares closed 4.04% higher at P1,313 apiece on Wednesday.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> The Wakelet Microsoft 365 Children’s Parliament backed by The Express, is proud to announce that James Caan CBE, the former Chairman...

News

THE TOWERING BUILDINGS of Makati’s central business district are seen in the background in this May 13, 2020 file photo. — PHILIPPINE STAR/ MIGUEL...

News

A Philippines peso note is seen in this illustration on June 2, 2017. — REUTERS THE PHILIPPINES could benefit from the proposed Maharlika Investment...

News

PASSENGERS queue before the check-in counters at the Ninoy Aquino International Airport (NAIA) Terminal 3 after flights were canceled due to technical issues on...

News

By Arjay L. Balinbin, Senior Reporter METRO PACIFIC Investment Corp. (MPIC) expects to generate P500 million in revenue from its dairy business by 2025,...

News

PIXABAY RASLAG Corp. said on Monday that it plans to acquire about 42 hectares of land in Tarlac province’s Gerona town for around P273...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.