Telco giant PLDT Inc. is asking for the rejection of investors Sophia Olsson and Kevin Douglas’ appointment as lead plaintiffs in separate class action suits filed in the United States relating to its multi-billion budget overrun. | TyronePiad /PDI
“The company asserted that the movants failed to establish that they are appropriate lead plaintiffs in the US class action given that under the Private Securities Litigation Reform Act, lawsuits by shareholders with a small position in the security issue are discouraged,” PLDT explained.“Thus, the company argued in its memorandum that the movants’ motions for appointment as lead plaintiff should be denied,” it added.
According to the telco giant, a hearing for the appointment of the lead plaintiff is scheduled on May 8.In February, the Inquirer reported that Olsson filed on behalf of other plaintiffs their lawsuit in the US District Court, Central District of California. The investors 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 accumulated overspending started in 2019, covering four years in total, before it was uncovered just last December 2022, according to the PLDT. The company recently said that the P48-billion budget mess was brought down to P33 billion after concluding negotiations with major suppliers. The Pangilinan-led company stressed that no evidence of fraud was detected during the forensic review of the budget overrun. It has also put in place tighter controls, such as improvement in the project management system, to prevent another major financial debacle.
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