RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Dycom Industries, Inc. (NYSE: DY) (“Dycom” or the “Company”) common stock between November 20, 2017 and August 10, 2018, inclusive (the “Class Period”).
Dycom shareholders may, no later than December 24, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Dycom and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
Dycom provides specialty contracting services through subsidiaries throughout the United States and Canada. Dycom’s services include program management, engineering, construction, maintenance, and installation services for telecommunications providers, underground facility locating services for various utilities and other construction and maintenance services for electric and gas utilities.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Class Period begins on November 20, 2017, when Dycom issued a press release announcing its financial and operating results for the first fiscal quarter ended October 28, 2017.
According to the complaint, on May 22, 2018, during a conference call regarding Dycom’s financial and operating results for the first fiscal quarter ended April 28, 2018, Dycom’s Chairman, President & CEO Steven E. Nielsen disclosed that Dycom did not have enough work in hand to absorb the costs it had already incurred associated with its new large projects, mainly because Dycom was facing great uncertainties related to permitting issues. Following this news, the price of Dycom’s common stock declined $23.56, or approximately 20.27%, to close on May 22, 2018 at $92.64 per share.
Prior to the market opening on August 13, 2018, Dycom issued a press release revising its guidance for the financial and operating results for the second fiscal quarter and six months ended July 28, 2018, and announcing preliminary revenues and results for the second quarter below the previous guidance. Following this news, the price of Dycom common stock dropped $21.62 per share, or 24.10%, to close at $68.09 per share on August 13, 2018.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Dycom’s new large projects were highly dependent on permitting and tactical considerations, (ii) Dycom was facing great uncertainties related to permitting issues; (iii) those uncertainties would expose Dycom to near-term margin pressure and absorption issues, and (iv) as a result of the foregoing, defendants’ statements about Dycom’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you are a member of the class, you may, no later than December 24, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.