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Dycom, Investors Get Initial OK for $9.5 Million Settlement

July 10, 2020, 5:25 PM

Dycom Inc. and a proposed class of investors can move forward with a $9.5 million settlement in a stock drop suit after a Florida federal district judge granted the agreement initial approval.

Investors accused Dycom, which provides specialty engineering and construction services to telecommunications firms, of misleading them about its financial strength and problems with some partner firms. Dycom lost a bid to dismiss the U.S. District Court for the Southern District of Florida suit in April.

Judge Raag Singhal gave the settlement preliminary approval Thursday. Singhal also preliminarily approved the class—made up of those who acquired Dycom common stock...

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