PLDT Inc. on Thursday announced reaching an agreement resolving a class action lawsuit filed against the company by unhappy shareholders in the United States.
Under the proposed settlement, subject to approval by a US court, PLDT agreed to a settlement amount of $3 million.
“The proposed settlement agreement contains no admission of liability, fault or wrongdoing by any defendant,” PLDT said.
“If approved by the court, the settlement will resolve the U.S. class action in its entirety as against all defendants,” it added.
Sophia Olsson, who claims to own two PLDT shares and who allegedly sustained $22.69 in losses following the 2022 discovery of a P48 billion “budget overrun”, filed a class-action complaint against PLDT and its officers for allegedly violating Federal Securities Laws.
Olsson allegedPLDT issued “materially false and misleading statements” from 2019 to 2022.
PLDT earlier reported P48-billion cost overrun which represented about 12.7 percent of the company’s total capital expenditures amounting to P379 billion from 2019 to 2022.
