PLDT confirmed in a disclosure to the Philippine Stock Exchange that a US shareholder filed a class-action lawsuit against them last February 6.

The said complaint was filed by Sophia Olsson, a holder of PLDT securities, to the federal district court in the Central District of California.


PLDT is named as a defendant together with nine of its current and former employees.

As per the 45-page document, Olsson filed the class-action complaint against PLDT and some of its officers for allegedly violating Federal Securities Laws that demands a jury trial.

The filing read that it is “a class action on behalf of persons or entities who purchased or otherwise acquired publicly traded PLDT securities” between Jan. 1, 2019, and Dec. 19, 2022.”

As per Olsson, PLDT issued “materially false and misleading statements” from 2019 to 2022.

The case points to PLDT’s disclosures that stated its capital expenditures during the said period up to the recent regulatory filing where the company disclosed a budget overrun worth Php48 billion.

After the disclosure, PLDT’s stock price dropped by 19.35% on December 19, 2022.

“As a result of defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the company’s common shares, plaintiff and other class members have suffered significant losses and damages,” the filing reads.

In a statement, PLDT said that it “has not been served with a copy of the complaint, as required under US law, and does not have any further information regarding the lawsuit at this time.”

Source: Business World

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