A securities class action has been filed against Primoris Services Corporation on behalf of shareholders who purchased PRIM securities between August 5, 2025 and June 22, 2026, with a lead plaintiff deadline of September 21, 2026. The lawsuit alleges the company made materially false and misleading statements regarding its disciplined bidding, estimating processes, and project oversight while underestimating costs and risks on significant renewable energy projects. Primoris shares fell $23.39, or 21.6%, from $108.34 to $84.95 after a June 22, 2026 business update that slashed adjusted EPS guidance from a range of $5.80 to $6.00 down to $2.05 to $2.60, and adjusted EBITDA from $560 million to $580 million down to $275 million to $325 million. The complaint also cites delayed recognition of material cost overruns and margin deterioration, as well as the resignation of the Chief Operating Officer. Institutional investors, including pension funds and asset managers, are encouraged to review their PRIM holdings for potential losses and consider lead plaintiff participation or monitoring as absent class members.
Primoris Services CorporationLawsuit alleges false statements and guidance cut, causing shares to drop 21.6%.