|Company Name||PLDT Inc.|
On December 16, 2022, PLDT announced that it had overrun its budget by PHP 48 billion (equivalent to $866 million) for broadband and data projects over the past four years. The Company stated that it was “undertaking a management reorganization process and has initiated improvements on its processes and systems to address weakness that allowed such budget overruns to occur.” In response, the Philippines Securities and Exchange Commission has launched an inquiry amid questions over the Company’s corporate governance and fiscal control.
On this news, the Company’s share price fell $6.35, or 23.7%, to close at $20.46 per share on December 19, 2022, thereby injuring investors.
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