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Court Preliminarily Approves Settlement Against PLDT Inc.

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Published March 6, 2024

Update: Douglas v. PLDT Inc., et. al., Case No. CV 23-00885-CJC (MAAx)

Proof of Claim Deadline: June 25, 2024
Class Period: January 1, 2019 through December 21, 2022, inclusive
Recovered: $3 Million

 A settlement has been reached and was preliminarily approved on March 6, 2024. The settlement provides for the payment of $3 million to eligible class members.  Lead plaintiff Dr. Kevin Douglas alleged violations of §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 based on the defendants’ alleged false and misleading statements concerning PLDT’s historical capital expenditures. In preliminarily approving the settlement, the Honorable Judge Cormac J. Carney noted that Lead Counsel, Levi & Korsinsky, LLP, vigorously prosecuted the claims and achieved an exceptional result for the Class.

 The hearing on the Motion for Final Approval is scheduled for August 5, 2024.