PLDT Confirms Class-Action Lawsuit Filed By U.S. Shareholder

PLDT Inc. confirmed on Feb. 14, Tuesday that a US shareholder filed a securities class-action lawsuit on Feb. 6 in the federal district court in the Central District of California.

Photo Insert: The class-action lawsuit named PLDT as a defendant along with nine of its current or former employees.

In a disclosure to the Philippine Stock Exchange, the company said the complaint was filed by Sophia Olsson, who is said to be a holder of PLDT securities.

The class-action lawsuit named PLDT as a defendant along with nine of its current or former employees. A class-action lawsuit allows many people with similar grievances to sue a common defendant as a group, in this case, the US-based shareholders of PLDT.

PLDT said it “has not been served with a copy of the complaint, as required under US law, and does not have any further information regarding the lawsuit at this time.”

In a 45-page document posted on CourtListener.com, Ms. Olsson filed a class-action complaint against PLDT and its officers for allegedly violating Federal Securities Laws where a jury trial was demanded.

The individual defendants in the case are PLDT chairman, Manuel V. Pangilinan; president and chief executive officer, Alfredo S. Panlilio; chief financial officer and chief risk management officer, Anabelle L. Chua; chief legal counsel, head of legal and regulatory affairs, and corporate secretary, Marilyn A. Victorio-Aquino; vice-president, Head of corporate services and liability management insurance, and assistant corporate secretary, Abner Tito L. Alberto; and first vice-president of financial reporting and controllership, Gil Samson D. Garcia.

The case also identified three former officers of the company as individual defendants, namely Ma. Lourdes C. Rausa-Chan, Florentino D. Mabasa, Jr., and June Cheryl A. Cabal-Revilla.

The case read that it is “a class action on behalf of persons or entities who purchased or otherwise acquired publicly traded PLDT securities” between Jan. 1, 2019 and Dec. 19, 2022.”

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