Dycom Industries, Inc. (NYSE: DY)
Hagens Berman Sobol Shapiro LLP alerts investors in Dycom Industries, Inc. (NYSE: DY) to the December 24, 2018 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Southern District of Florida.
If you purchased or otherwise acquired shares of DY between November 20, 2017 and August 10, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing DY@hbsslaw.com.
Within three months during the class period, Defendants twice reduced Dycom’s financial guidance.
The first time, on May 22, 2018, Dycom and management partially blamed the reduction on margin pressure resulting from “under-absorption of labor and field costs as large customer programs mobilized” and assured investors Dycom’s permitting process was “getting better.” This news drove the price of Dycom shares down $23.56, or about 20%, to close at $92.64.
Then, on August 13, 2018, they again reduced financial guidance. The Company and management partially blamed the reduction in part on margin pressure and, in addition, on permitting issues.
This news drove the price of Dycom shares down $21.62, or about 24%, to close at $68.09.
“We’re focused on investors’ losses and the extent to which Defendants’ statements concerning margins and permitting were misleading,” said Hagens Berman partner Reed Kathrein.
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