A separate Hagens Berman probe adds detail on six troubled renewables projects, a steep 2026 revenue reduction and questions over when management understood the scope of the issues.
Multiple law firms are investigating Primoris Services Corporation over possible federal securities law violations after the company’s 2026 disclosures on its renewables business triggered sharp share-price declines. The Law Offices of Frank R. Cruz had previously said Primoris cut its 2026 outlook twice, citing lower renewable energy activity, delayed project starts and higher costs, with the stock falling $101.69, or 50.11%, after its May 5 results and another $23.39, or 21.6%, after its June 22 business update. A new Hagens Berman investigation adds that Primoris said after the market closed on June 22 that additional challenges and cost overruns had been identified as work progressed on projects in its Renewables business, and that 2026 renewables revenue would drop 30%, or $900 million, from the $3 billion reported for 2025. Hagens Berman said the renewables business has historically contributed roughly 40% of Primoris’s annual revenue and is examining whether statements made before May 5 about trends and operating performance in the business misled investors. The firm also pointed to Primoris’s February discussion of “unexpectedly higher costs” tied to difficult soil and rock conditions on certain renewables projects, management’s later characterization of the issue as isolated to a single project, and CEO Koti Vadlamudi’s May 6 earnings-call comments citing project redesigns, labor issues, sequencing errors and weather disruptions across multiple solar projects. Hagens Berman said the May 5 and June 22 disclosures together erased more than $7.8 billion in market value.