Dycom Industries Securities Settlement

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Dycom Industries Securities Settlement
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The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency of Class Action, Proposed Class Action Settlement, and Motion for Attorneys’ Fees and Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

 If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act.

 Please read the Notice carefully.

IF YOU PURCHASED OR OTHERWISE ACQUIRED DYCOM INDUSTRIES INC. COMMON STOCK DURING THE PERIOD FROM NOVEMBER 20, 2017 THROUGH AUGUST 10, 2018, INCLUSIVE (THE “SETTLEMENT CLASS PERIOD”) AND WERE DAMAGED THEREBY, YOU ARE A CLASS MEMBER.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

 

SUBMIT A CLAIM FORM BY OCTOBER 8, 2020

 

The only way to get a payment.  See Question 8 of the Notice for details.

 

EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SEPTEMBER 22, 2020

 

Get no payment.  This is the only option that, assuming your claim is timely brought, might allow you to ever bring or be part of any other lawsuit against Defendants or the other Released Defendant Parties concerning the Released Claims.  See Question 11 of the Notice for details.

 

OBJECT BY SEPTEMBER 22, 2020

 

Write to the Court about why you do not like the Settlement, the Plan of Allocation, or the Fee and Expense Application.  If you object, you will still be a member of the Settlement Class.  See Question 14 of the Notice for details.

      GO TO A HEARING ON       OCTOBER 13, 2020 AND FILE   A NOTICE OF INTENTION   TO APPEAR BY SEPTEMBER 22,   2020                       

 

Ask to speak in Court at the Settlement Hearing about the Settlement.  See Question 18 of the Notice for details. 

 

DO NOTHING

 

Get no payment AND give up rights to bring your own individual action. 

 

The Settlement Hearing

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: Thelphone 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.

What is this case about?

Dycom provides specialty contracting services to telecommunications providers throughout the United States. Lead Plaintiff claims that Defendants violated the federal securities laws by concealing problems and delays with certain customer contracts.

Lead Plaintiff 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 Plaintiff and the Settlement Class suffered damage or were otherwise harmed by the conduct alleged in the Action.

The Settlement Benefits

At this time, it is not possible to make any determination as to how much any individual Settlement Class member may receive from the Settlement.

Subject to Court approval, Lead Plaintiff, 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”).

Based on Lead Plaintiff’s consulting damages expert’s estimate of the number of shares of Dycom common stock eligible to participate in the Settlement, and assuming that all such investors eligible to participate do so, Lead Plaintiff estimates that the average recovery would be approximately $0.88 per allegedly damaged share (before deduction of any Court-approved fees and expenses, such as attorneys’ fees and expenses, Taxes, and Notice and Administration Expenses). If the Court approves the Fee and Expense Application, the average recovery would be approximately $0.59 per allegedly damaged share.  Please note, however, that these average recovery amounts are only estimates and Settlement Class Members may recover more or less than these estimated amounts. An individual Settlement Class Member’s actual recovery will depend on for example: (i) the total number of claims submitted; (ii) the amount of the Net Settlement Fund; (iii) when the Settlement Class Member purchased or otherwise acquired shares of Dycom common stock during the Class Period; and (iv) whether and when the Settlement Class Member sold the securities. See the Plan of Allocation beginning on page 9 of the Notice for information on the calculation of your Recognized Claim.

Further Information

This website and the Notice summarize the Settlement.  For more details regarding the Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Lead Counsel for further information regarding the Settlement:

Claims Administrator:

Dycom Industries Securities Litigation

c/o A.B. Data, Ltd.

PO Box 173105

Milwaukee, WI  53217

(866) 905-8127

info@DycomIndustriesSecuritiesSettlement.com   


Lead Counsel:

Thornton Law Firm LLP

Guillaume Buell

1 Lincoln Street

Boston, MA 02111

(617) 720-1333

www.tenlaw.com


Levi & Korsinsky LLP

Shannon Hopkins

1111 Summer St., Ste. 403

Stamford, CT 06905

(203) 992-4523

www.zlk.com

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