On February 19, 2025, Spruce Point Management published a report on Dycom, "rais[ing] concerns about the long-term sustainability of the Company's revenue stemming from the pressures that its clients and the telecommunications industry are facing." Among other points, the Spruce Point report also alleged that Dycom's "history of not disclosing a familial relationship between its previous long-time CEO and an executive of Frontier Communications, one of the Company's biggest customers, should be heavily scrutinized" and that "[t]he Company's past two Chief Accounting Officers and a recently appointed Board member all had senior financial accounting roles at companies that restated results and had internal control issues."
Following this news, Dycom's stock price fell sharply during intraday trading on the same day.
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