Dycom Industries Files Amended Complaint Against Quanta Services

(RTTNews) - Dycom Industries Inc. (DY) announced that it has filed an amended complaint against Quanta Services, Inc. (PWR) for violating the parties' 2012 stock purchase agreement, under which Dycom acquired Quanta's telecommunications infrastructure services subsidiaries for more than $300 million.

The Complaint alleged that Quanta intentionally violated, and continues to violate, several contractual covenants, including both the non-compete and non-solicitation provisions.

Dycom also alleged that under applicable law, Quanta is indefinitely barred from actively soliciting customers of the businesses it sold. The Complaint was filed in the United States District Court for the Southern District of New York, where an initial complaint was filed on March 31, 2016.

Dycom seeks injunctive relief barring Quanta from further engaging in prohibited competition, declaratory and injunctive relief indefinitely prohibiting Quanta from actively soliciting customers of the telecommunications infrastructure business it sold to Dycom in 2012, and indemnification for the losses it has suffered.