Labaton sues Primoris over 2025-2026 disclosures after 21.6% stock drop

Labaton Keller Sucharow LLP said it filed a securities class action against Primoris Services Corporation, certain officers and directors, on behalf of Boston Retirement System and NS Pension Public Equity Fund. The suit, filed in the Northern District of Texas as Boston Retirement System v. Primoris Services Corp., No. 26-cv-02416-B, seeks to represent investors who purchased Primoris common stock from August 5, 2025 through June 22, 2026. The complaint alleges Primoris misled investors about cost estimation, cost-to-complete forecasting, project execution, project-risk management, financial performance and guidance tied to major fixed-price renewable energy contracts, where contractors typically absorb cost overruns if estimates prove too low. The filing says those processes were deficient, causing the company to underestimate costs and risks on significant renewable projects that were facing overruns, execution issues and schedule delays. The claimed misstatements were allegedly exposed through disclosures between February 23, 2026 and June 22, 2026, ending with Primoris saying an internal review backed by an independent third-party industry expert found significant cost overruns, project delays and execution challenges across six renewable energy projects. Primoris also disclosed materially lower expected Renewables revenue for 2026, cut its full-year 2026 financial guidance and announced the resignation of its Chief Operating Officer. Its shares then fell 21.6% to $84.95 from $108.34, the release said. Investors seeking to be appointed Lead Plaintiff must file by September 21, 2026. The law firm said class members do not need to seek that role to share in any recovery.