The legal action, filed in the United States District Court for the Northern District of Texas, targets the period between August 5, 2025, and June 22, 2026. During this window, Primoris projected an Adjusted EPS of $5.80 to $6.00 and an Adjusted EBITDA of $560 million to $580 million. Plaintiffs contend these figures were unsubstantiated, as the firm’s fixed-price renewable contracts were already suffering from margin deterioration, difficult soil conditions, and scheduling delays.
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Primoris Faces Class Action Over Renewable Project Cost Overruns
Investors have initiated a securities class action against Primoris Services Corporation following a sharp 21.6% stock decline in June 2026. The lawsuit alleges the company misled shareholders by issuing optimistic financial guidance while concealing significant cost overruns and execution failures across six major renewable energy projects.
The discrepancy came to light on June 22, 2026, when an internal review revealed systemic issues within the renewable energy division. Consequently, Primoris slashed its full-year guidance, dropping the adjusted EPS forecast to a range of $2.05 to $2.60 and EBITDA to between $275 million and $325 million. This revision triggered a sell-off that saw shares plummet by $23.39 to close at $84.95. Joseph E. Levi, lead attorney at Levi & Korsinsky, noted that the core of the complaint rests on the company's failure to disclose known project risks while maintaining that its internal oversight processes remained robust. Shareholders seeking to participate in the litigation must meet a September 21, 2026, deadline to apply for lead plaintiff status.
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