PLDT Inc. (PLDT) announced that a US court granted final approval to a settlement in securities class action litigation filed by investors. The lawsuit stemmed from allegations of misleading statements regarding capital expenditures and internal controls.
PLDT Inc. announced on Thursday that a US court had granted final approval to a case-ending settlement of securities class action litigation commenced by certain investors.In a stock exchange filing, PLDT said that the US District Court for the Central District of California had approved the offer to settle the case, filed in 2023 by several investors in PLDT 's American Depositary Shares , following the telco's admission of a capital expenditures overrun.
Just before 2022 ended, PLDT announced that it had discovered a spending discrepancy that accounted for about 12.7 percent of its P379-billion capex in the four years since 2019.In Thursday's disclosure, the telco said that it entered into a Stipulation of Settlement on February 16 to resolve the US class action in its entirety against all defendants for $3 million.'The settlement contains no admission of liability, fault or wrongdoing by any defendant,' it added.
PLDT Securities Litigation Settlement Capital Expenditures Investors
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