Overview
- Lawyers filed a federal securities class action in the Northern District of Texas on July 29 seeking to represent investors who bought Primoris stock between August 5, 2025 and June 22, 2026.
- The complaints say Primoris repeatedly assured investors of disciplined bidding and reliable estimates while its cost estimation, cost-to-complete forecasting, and project oversight were allegedly deficient on fixed-price renewable projects.
- Primoris disclosed growing problems in February, reported sharply worse-than-expected Q1 results that triggered a roughly 50% share drop in early May, and then revealed further cost overruns on six projects on June 22 that cut 2026 renewables revenue guidance to about $2.1 billion to $3.0 billion.
- The June 22 disclosure also coincided with the departure of the company's COO and followed an earlier exit by the President of Renewables, events that intensified market losses that erased billions in market value.
- Multiple plaintiff firms are soliciting lead-plaintiff candidates and whistleblowers, note a September 21, 2026 deadline to seek lead-plaintiff status, and encourage potential whistleblowers to consider the SEC program that can pay awards for original information.