PLDT Reaches $3 Million Settlement in Expenditure Overrun Suit

The Philippine telecommunications provider PLDT Inc. has agreed to a $3 million deal to settle allegations that it delayed disclosing a $872 million capital expenditure overrun and prompted the biggest stock drop for the company’s American Depositary Shares in 35 years.

The settlement would put an end to a yearlong litigation over the company’s disclosure of costs associated with unrecorded purchases, which allegedly prompted a stock drop in 2022, according to the complaint filed in US District Court for the Central District of California last February.

PLDT, formerly known as the Philippine Long Distance Telephone Co., had announced a capital ...