A securities class action lawsuit has been filed against Primoris Services Corporation and certain executives, alleging they misled investors about the company's project management capabilities. The suit, brought on behalf of investors who purchased Primoris common stock between August 5, 2025 and June 22, 2026, follows two massive share price drops: on May 6, 2026, shares crashed $101.69, a 50% decline, and on June 23, 2026, shares cratered another $23.29, a 21% drop. The disclosures erased well over $6 billion from Primoris' market capitalization between May 5 and June 23, 2026. The complaint claims that Primoris' estimating, cost-to-complete forecasting, and project oversight processes were deficient, leading to systematic underestimation of costs and risks on multiple renewable energy projects. CEO Koti Vadlamudi admitted on the May 6 earnings call that cost pressures across multiple solar projects, including project redesigns, labor issues, sequencing errors, and weather disruptions, caused a nearly 40% plunge in gross profits in the core Energy segment. The lead plaintiff deadline is September 21, 2026, and the law firm Hagens Berman Sobol Shapiro LLP is investigating.
Primoris Services CorporationSecurities class action lawsuit alleging misleading investors about project management failures.
