Levi & Korsinsky, LLP Announces Proposed Class Action Settlement on Behalf of Purchasers of PLDT Inc. American Depository Shares

SANTA ANA, Calif., April 10, 2024 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announces that the United States District Court for the Central District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of PLDT Inc. American Depository Shares (NYSE: PHI):

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION, SETTLEMENT HEARING, AND MOTION FOR ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO: All Persons that during the period from January 1, 2019 through December 21, 2022, inclusive (the “Class Period”), purchased or otherwise acquired the American Depository Shares (“ADS”) of PLDT Inc. (“PLDT” or the “Company”).

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY THE PROPOSED SETTLEMENT OF A CLASS ACTION LAWSUIT PENDING IN THE UNITED STATES DISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA (THE “COURT”).

PLEASE DO NOT CONTACT THE COURT, PLDT INC., OR ANY OTHER DEFENDANT, OR THEIR COUNSEL, REGARDING THIS NOTICE.

ALL QUESTIONS ABOUT THIS NOTICE, THE PROPOSED SETTLEMENT, OR YOUR ELIGIBILITY TO PARTICIPATE IN THE PROPOSED SETTLEMENT SHOULD BE DIRECTED TO LEAD COUNSEL OR THE CLAIMS ADMINISTRATOR, WHOSE CONTACT INFORMATION IS PROVIDED BELOW.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that the Class in the above-captioned litigation (the “Action”) has been preliminarily certified for the purposes of the proposed Settlement only.

YOU ARE ALSO NOTIFIED that Dr. Kevin Douglas (“Lead Plaintiff”), individually and on behalf of the proposed Class, and the Defendants have reached a proposed settlement of the Action for $3 million in cash (the “Settlement Amount”), that, if approved, will resolve all claims in the Action (the “Settlement”).

A hearing (the “Settlement Hearing”) will be held before the Honorable Cormac J. Carney, United States District Court Judge for the Central District of California, either via telephonic or video conference, or in Courtroom 9B, Ronald Reagan Federal Building and United States Courthouse, 411 West Fourth Street, Santa Ana, California, 92701-4516 at 1:30 p.m. on August 5, 2024, to, among other things, determine whether: (i) the proposed Settlement should be approved by the Court as fair, reasonable, and adequate; (ii) the Action against the Defendants should be dismissed with prejudice in its entirety, as set forth in the Stipulation of Settlement (“Stipulation”), dated February 16, 2024; (iii) the proposed Plan of Allocation for distribution of the Settlement Fund, and any interest earned thereon, less Taxes and Taxes Expenses, Notice and Administration Costs, litigation expenses and attorneys’ fees awarded by the Court, and any other costs, expenses, or amounts as may be approved by the Court (the “Net Settlement Fund”), should be approved as fair and reasonable; (iv) the application of Lead Counsel for an award of attorneys’ fees and reimbursement of litigation expenses should be approved; and (v) the application for an award to pay the time and expenses of Lead Plaintiff should be approved.¹ The Court may change the date of the Settlement Hearing without providing another notice. You do NOT need to attend the Settlement Hearing in order to receive a distribution from the Net Settlement Fund.

IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS MAY BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO SHARE IN THE NET SETTLEMENT FUND. If you have not yet received (i) the printed Notice of Pendency and Proposed Settlement of Class Action, Settlement Hearing and Motion for Attorneys’ Fees and Reimbursement of Litigation Expenses (“Notice”) or (ii) the Proof of Claim and Release Form (“Claim Form”), you may obtain a copy of those documents from the Settlement website: www.strategicclaims.net/pldt/ or by contacting the Claims Administrator:

Douglas v. PLDT Inc., et al.
c/o Strategic Claims Services, Inc.
600 N. Jackson Street, Suite 205
Media, PA 19063
Toll-free: (866) 274-4004
Fax: (610) 565-7985
Email: [email protected]

Please refer to the website for more detailed information and to review the Settlement documents. Inquiries other than requests for information about the status of a claim may also be made to Lead Counsel:

Shannon L. Hopkins
Gregory M. Potrepka
David C. Jaynes
Levi & Korsinsky, LLP
1111 Summer Street, Suite 403
Stamford, CT 06905
Telephone: (203) 992-4523

If you are a potential Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must timely submit a valid Claim Form to the Claims Administrator, which can be found on the websites listed above, postmarked or submitted online no later than June 25, 2024. If you are a potential Class Member and do not submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a potential Class Member, but wish to exclude yourself from the Class, you must submit a written request for exclusion to the Claims Administrator in accordance with the instructions set forth in the Notice postmarked if by mail, or emailed, no later than July 15, 2024. If you properly exclude yourself from the Class, you will not be eligible to share in the Net Settlement Fund. If you are a potential Class Member and do not timely exclude yourself from the Class, you will be bound by any judgments or orders entered by the Court in the Action.

Any objections to the proposed Settlement, Plan of Allocation, Lead Counsel’s application for attorneys’ fees and reimbursement of litigation expenses, or the application for an award to pay the time and expenses of Lead Plaintiff must be submitted to the Court in accordance with the instructions set forth in the Notice, including by filing with the Clerk of the Court no later than July 15, 2024, and received or emailed to Lead Counsel and Defendants’ Counsel no later than July 15, 2024.

Questions? Call (866) 274-4004 (Toll free) or visit www.strategicclaims.net/pldt/

¹ The Notice and the Stipulation, available for download at www.strategicclaims.net/pldt/ contain additional information concerning the Settlement and the definitions, and further explanation, of many of the defined terms used in this Summary Notice (which are indicated by initial capital letters).