RADNOR, Pa., Nov. 1, 2018 /PRNewswire/ -- The law firm of
Kessler Topaz Meltzer & Check, LLP alerts investors that a securities fraud class action lawsuit has been filed 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").
Investors who purchased Dycom securities during the Class Period may, no later than
December 24, 2018, seek to be appointed as a lead plaintiff representative of the class. 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 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.
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.
Dycom investors who wish to discuss this securities fraud class action and their legal options are encouraged to contact
Kessler Topaz Meltzer & Check, LLP (James Maro, Jr., Esq. or Adrienne
Bell, Esq.) at (888) 299-7706 or at info@ktmc.com.
Dycom investors may, no later than December 24, 2018, seek to be
appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may
choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of
all class members in directing the litigation. In order to be appointed as a 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead
plaintiff.
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
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SOURCE Kessler Topaz Meltzer & Check, LLP