The complaint, filed by Hagens Berman Sobol Shapiro LLP, centers on investors who acquired Primoris common stock between August 5, 2025, and June 22, 2026. Plaintiffs contend that while management repeatedly touted disciplined bidding and reliable forecasting for its renewable energy projects, the company actually suffered from systemic deficiencies in cost estimation and project oversight.
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Primoris Faces Class Action Lawsuit After $6 Billion Market Value Drop
A federal securities class action lawsuit now targets Primoris Services Corporation, alleging that executives misled shareholders regarding the company’s project management capabilities. The litigation follows two major stock selloffs between May and June 2026, which collectively erased over $6 billion from the firm's market capitalization.
Confidence in the company collapsed following a series of disclosures. On May 6, 2026, shares plummeted 50% after the company revealed a 40% plunge in gross profits within its Energy segment. CEO Koti Vadlamudi later cited a range of operational failures, including sequencing errors and costly project redesigns. A second crash occurred on June 23, 2026, when shares fell another 21% after Primoris announced that renewables revenue for 2026 would decline by $900 million. Investors seeking to serve as lead plaintiff have until September 21, 2026, to file with the court.
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