Telecom Infrastructure Co. Dycom Must Face Stock-Drop Suit

Law360 (April 14, 2020, 9:42 PM EDT) -- Dycom Industries Inc. can't shake a proposed securities class action accusing the telecommunications infrastructure company of overstating its projected growth, after a Florida federal judge on Tuesday found that Dycom shareholders convincingly argued the company misled them.

U.S. District Judge Raag Singhal said that while not all of the 60 alleged misstatements were actionable, "some" of them were, keeping Dycom on the hook for purported securities fraud.

In determining whether certain statements were forward-looking and therefore protected by the safe harbor statute of the Private Securities Litigation Reform Act, Judge Singhal found that Dycom and its executives had failed to express to...

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