Telecommunications giant PLDT Inc. on Tuesday confirmed that a class action lawsuit has been filed against former and current executives of the company before a United States court after the P48-billion budget overrun controversy.
In a statement, the company disclosed that the lawsuit was filed by Sophia Olsson, a US-based shareholder of PLDT.
"[PLDT] has learned that a securities class action lawsuit was commenced on February 6, 2023, by Sophia Olsson, a purported holder of PLDT securities, in the United States federal district court in the Central District of California," they announced.
In a complaint filed by Olsson, the class action was against undocumented purchases between January 1, 2019, and December 19, 2022 — allegedly violating Federal Securities Laws.
"This is a class action on behalf of persons or entities who purchased or otherwise acquired publicly traded PLDT securities between January 1, 2019 and December 19, 2022, inclusive (the "Class Period")," it read.
"Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act")," it added.
PLDT was named as the defendant in the class-action lawsuit with nine current and former employees:
- Manny Pangilinan - PLDT Chairman
- Alfredo Panlilio - PLDT President and CEO
- Abner Tito Alberto - PLDT Assistant Corporate Secretary
- Anabelle Chua - PLDT Chief Finance Officer
- Marilyn Victorio-Aquino - PLDT Chief Legal Counsel
- Gil Samson Garcia - - PLDT Financial Reporting and Controllership Officer-In-Charge
- Ma. Lourdes Rausa-Chan - Former PLDT Corporate Secretary and Chief Governance Officer
- Florentitno Mabasa Jr. - Former PLDT Assistant Corporate Secretary
- Cheryl Cabal-Revilla - Former PLDT Group Controller and Chief Sustainability Officer
In a disclosure in December last year, the major telco player said it had incurred billions worth of budget overrun due to “over orders” related to the rollout of 5G and wireless services, among others.
This lawsuit is being handled by The Rosen Law Firm, P.A. Law firms Bernsteid Liebhard LLP and Robbins LLP also filed class action suits, according to their separate notices.
“During the class period, defendants, individually and in concert, directly or indirectly, disseminated or approved the false statements specified above, which they knew or deliberately disregarded were misleading in that they contained misrepresentations,” the complaint said.
