“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.
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. 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.”
“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.PLDT said in a separate disclosure that it is in discussions with “major vendors.”“None of the aforementioned vendors is a related party,” it added.
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