Securities Class Action Filed Against Primoris Services Following Stock Drop
News related to:Primoris Services Corporation · 1 min read
On September 8, 2026, Robbins LLP, a legal firm specializing in shareholder rights litigation, reminded investors that a securities class action had been filed against Primoris Services Corporation (NYSE: PRIM) following a significant drop in the company's stock price.
According to the lawsuit, Primoris Services Corporation misled investors regarding its cost forecasting, project oversight, and expected profitability of certain renewable energy construction projects. The complaint alleges that the company maintained deficient cost estimation, cost-to-complete forecasting, and project oversight processes, systematically underestimated the costs and risks associated with several fixed-price renewable energy projects, and failed to disclose material cost overruns, project execution issues, and schedule delays affecting these projects.
The lawsuit further claims that Primoris made positive statements regarding its estimating practices, project execution, risk management, financial performance, and financial guidance, which allegedly lacked a reasonable basis. These statements omitted material adverse information, leading to an artificial inflation of the stock price. Investors who purchased Primoris securities between August 5, 2025, and June 22, 2026, could potentially have suffered investment losses due to these misrepresentations.
The stock price of Primoris Services Corporation experienced a significant decline following the disclosure of internal review findings. On June 22, 2026, Primoris announced that an internal review, supported by an independent third-party industry expert, had identified significant cost overruns, project delays, and execution challenges affecting six renewable energy projects. The company also reported a substantial reduction to its 2026 financial guidance and lower revenue expectations for its Renewables segment. As a result of these disclosures, the stock price fell from $108.34 to $84.95 per share, a decline of approximately 21.6%.