Primoris Services faces securities class action, Sept. 21 lead plaintiff deadline

Primoris Services Corporation (NYSE: PRIM) is facing a proposed securities class action on behalf of investors who purchased common stock between August 5, 2025 and June 22, 2026. Investors have until September 21, 2026 to seek appointment as lead plaintiff. The complaint alleges Primoris and certain current and former executives repeatedly told investors the company had disciplined bidding, well-developed estimating processes, effective project controls and reliable forecasting for fixed-price renewable energy projects, while failing to disclose alleged deficiencies in estimating, cost-to-complete forecasting and project oversight. Plaintiffs contend those weaknesses led the company to underestimate costs and risks across multiple significant renewables projects. The suit points to a series of disclosures that allegedly revealed the extent of the problems. In February 2026, management linked lower gross margins to unexpectedly higher costs at certain renewables projects tied to difficult soil and rock conditions, while later characterizing the issue as isolated. On May 5, 2026, Primoris reported first-quarter 2026 results showing Energy segment revenue down $152.9 million, or 13.8%, year over year and gross profit down nearly 40%. During a May 6 earnings call, CEO Koti Vadlamudi said results were hit by cost pressures across multiple solar projects, including redesigns, labor issues, sequencing errors and weather disruptions. After markets closed on June 22, 2026, Primoris disclosed additional challenges and cost overruns in six projects and said 2026 renewables revenue would fall 30%, or $900 million, from the $3 billion reported for 2025. Primoris shares fell sharply after those disclosures, dropping $101.69, or 50%, on May 6 and another $23.29, or 21%, on June 23. The complaint says the declines erased more than $6 billion in market value between May 5, 2026 and June 23, 2026. Hagens Berman Sobol Shapiro LLP said it is continuing to investigate the claims and is seeking investors who suffered substantial losses or may have relevant non-public information.