Tung v. Dycom Industries, Inc.
Thornton Law Firm LLP was appointed as co-lead counsel in this securities class action against Dycom Industries, Inc. (“DY”). Based in Palm Beach Gardens, FL, DY provides specialty contracting services to telecommunications providers throughout the United States.
The Complaint alleges that the market began to learn of Defendants’ alleged misrepresentations when, on May 22, 2018, Dycom issued a press release reporting its first quarter fiscal 2019 results. According to the Complaint, Dycom acknowledged that it was experiencing project delays material enough to revise its guidance downward due to “the anticipated timing of activity on large customer programs and the related impacts on revenues and margins.” The market allegedly learned more on August 13, 2018 when Dycom disclosed that its revenues and results for the quarter ended July 28, 2018 were well below previous guidance and that the Company was suffering from “large-scale deployments that were slower than expected during the quarter due to customer timing and tactical considerations and margins that were pressured from under-absorption of labor and field costs at a lower revenue level.”
Defendants have denied and continue to deny any wrongdoing, deny that they have committed any act or omission giving rise to any liability or violation of rule, regulation, or law, and deny that Lead Plaintiffs and the Settlement Class suffered damage or were otherwise harmed by the conduct alleged in the Action.
Subject to Court approval, Thornton Law Firm LLP, on behalf of the Settlement Class, has agreed to settle the Action in exchange for a payment of $9,500,000 (the “Settlement Amount”), which will be deposited into an Escrow Account, which may earn interest (the “Settlement Fund”). The Net Settlement Fund (as defined below) will be distributed to Settlement Class Members according to the Court-approved plan of allocation (the “Plan of Allocation” or “Plan”).
The case is Tung v. Dycom Industries, Inc., Steven E. Nielsen and Andrew Deferrari Case No. 9:18-cv-81448.
Submit Claim Form
If you purchased or otherwise acquired shares of Dycom Industries, Inc. during the period from November 20, 2017 through August 10, 2018, inclusive, you may be entitled to a payment from a class action settlement. To be eligible for a payment, you must submit a Claim Form to the Claims Administrator by October 8, 2020.
The Court will hold the Settlement Hearing on October 13, 2020, at 2:00 p.m., in Courtroom 110 of the United States District Court for the Southern District of Florida, U.S. Federal Building and Courthouse, 299 East Broward Boulevard, Fort Lauderdale, Florida 33301.
The hearing will be telephonic. The dial-in information for the hearing is: The phone number 1-877-402-9753 and access code 4709496. At this hearing, the Court will consider, whether: (i) the Settlement is fair, reasonable and adequate, and should be finally approved; (ii) the Plan of Allocation is fair and reasonable, and should be approved; and (iii) Lead Counsel’s Fee and Expense Application is reasonable and should be approved. The Court will take into consideration any written objections filed in accordance with the instructions provided in the Notice.
If you have questions about the Settlement, please contact Thornton Law Firm LLP at firstname.lastname@example.org or (617) 531-3917, or contact the Claims Administrator, A.B. Data at 414-961-7608. Additional information about the Settlement can also be found at: www.DycomIndustriesSecuritiesSettlement.com.