Manuel V. Pangilinan, PLDT execs, face class action suit in US

A class action lawsuit has been filed against businessman and former PLDT president Manuel Pangilinan and other PLDT executives with a United States Court over an alleged violation of federal securities laws.

The 45-page complaint was filed by Sophia Olsson on behalf of "others similarly situated" with the United States District Court, Central District of California, on February 6.

Aside from Pangilinan, other defendants named in the lawsuit were Alfredo Panlilio, Anabelle Chua, Marilyn Victorio-Aquino, Abner Tito Alberto, Gil Samson Garcia, Ma. Lourdes Rausa-Chan, Florentino Mabasa Jr., and Cheryl Cabal-Revilla.

“Wherefore, plaintiff… prays for… awarding damages in favor of plaintiff and the other class members against all defendants, jointly and severally, together with interest thereon,” the complaint read.

It also urged the court to award the plaintiffs reasonable costs and expenses incurred in the legal action, including counsel fees and expert fees.

According to the complaint, Olsson had purchased PLDT securities between January 1, 2019 and December 19, 2022 and was “economically damaged thereby.”

It also said that the defendants issued “materially false and misleading statements” regarding the company’s business, operation, and prospects from the set period.

The complaint likewise stated that the defendants failed to disclose that there were capital spending budget overruns and failed to address weaknesses that allowed the budget overruns.

“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,” it said.

In a letter sent to the Philippine Stock Exchange, the PLDT said it has not been served with the documents in relation to the lawsuit. —KBK, GMA Integrated News