Primoris investors face September 21, 2026 lead plaintiff deadline in lawsuit

Primoris Services Corporation investors who bought common stock between August 5, 2025 and June 22, 2026 have until September 21, 2026 to seek appointment as lead plaintiff in a proposed securities fraud class action. A new notice from Rosen Law Firm adds to earlier litigation attention around allegations that Primoris and certain current and former executives misled investors about the company’s project management capabilities, including its estimating, cost-to-complete forecasting and project oversight for fixed-price renewable energy projects. The complaint alleges Primoris repeatedly told investors it had disciplined bidding, strong estimating processes, effective project controls and reliable forecasting, while failing to disclose deficiencies that left it underestimating costs and risks on multiple significant renewables projects. The litigation points to a series of 2026 disclosures, beginning with a February update on unexpectedly higher costs tied to certain renewables projects, followed by first-quarter results released on May 5 that showed Energy segment revenue down $152.9 million, or 13.8%, year over year and gross profit down nearly 40%. On the May 6 earnings call, CEO Koti Vadlamudi said margins had been hit by project redesigns, labor issues, sequencing errors and weather disruptions across multiple solar projects. The case also incorporates June developments already cited in earlier filings, including the June 8 departure of Anthony Vorderbruggen, Primoris' President of Renewables, and the June 22 business update following an internal review supported by an independent third-party industry expert. In that update, Primoris said ongoing issues affected six projects, cut its 2026 outlook, projected renewables revenue of about $2.1 billion, or roughly 30% below the $3 billion reported for 2025, and announced the resignation of Chief Operating Officer Jeremy Kinch. Shares fell about 50% on May 5 and another 21% to 22% after the June 22 disclosure, while Hagens Berman said more than $6 billion in market value was erased between May 5 and June 23. Rosen said investors may be entitled to compensation and noted that no class has yet been certified.