SEC insider trading probe set | Inquirer Business
PLDT stocks trades

SEC insider trading probe set

/ 02:09 AM December 20, 2022

The Securities and Exchange Commission (SEC) will investigate the possible insider trading of PLDT Inc. shares amid a sell-off of company stocks before the telco giant announced the initial results of an internal audit revealing P48 billion in overspending over several years.

The corporate regulator said in a statement on Monday the capital budget overspending and unusual trading activity before the official disclosure was released “are areas of concern for the commission, being the regulator of the securities market and the champion of investor protection in the country.”

“In this light, the SEC has immediately commenced an inquiry into the matter,” it added.

Article continues after this advertisement

PLDT shares fell 4.5 percent on Friday due to a sell-off during the last few minutes of trading. An hour later, the telco giant announced plans for a management shakeup amid the discovery of P48 billion in overspending that goes back four years.

Insider trading occurs when individuals profit from buying and selling stocks using nonpublic information.

MIGUEL R. CAMUS INQ
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: insider trading, PLDT, probe, Securities and Exchange Commission

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.