RADNOR, Pa., Oct. 30, 2018 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of Florida against Dycom Industries, Inc. (NYSE: DY) (“Dycom”) on behalf of purchasers of Dycom common stock between November 20, 2017 and August 10, 2018, inclusive (the “Class Period”).
If you wish to discuss class action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888) 299–7706 or (610) 667–7706, or via e-mail at info@ktmc.com. For additional information or to learn how to participate in this action please visit www.ktmc.com/dycom-industries-securities-class-action
According to the complaint, Dycom provides specialty contracting services through subsidiaries throughout the United States and in Canada. Dycom’s services include program management, engineering, construction, maintenance, and installation services for telecommunications providers, underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities.
The Class Period begins on November 20, 2017, when Dycom issued a press release announcing it’s 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.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299-7706
(610) 667-7706
info@ktmc.com