Primoris Services Faces Class Action Over Renewable Project Failures

The legal action represents investors who acquired Primoris common stock between August 5, 2025, and June 22, 2026. According to the complaint filed by Hagens Berman, the company repeatedly assured shareholders of its disciplined bidding and reliable forecasting processes. In reality, the firm allegedly suffered from deficient oversight, leading to systematic underestimation of costs and risks on multiple renewable energy contracts.

Confidence in the company collapsed following two major selloffs in less than two months. Shares plummeted 50% on May 6, 2026, after a disappointing Q1 earnings report, followed by a 21% drop on June 23, 2026. CEO Koti Vadlamudi eventually cited a combination of project redesigns, labor shortages, and sequencing errors as the primary drivers behind the margin collapse. Investors now face a September 21, 2026, deadline to apply for the role of lead plaintiff in the ongoing suit.