Primoris Services Hit by Class Action Over Renewables Project Failures

The complaint alleges that Primoris executives repeatedly touted disciplined bidding and sophisticated risk management while, in practice, their oversight processes were fundamentally broken. These internal deficiencies led to the systematic underestimation of costs across multiple renewable energy projects. While management initially blamed difficult soil conditions for margin compression in February 2026, the situation deteriorated rapidly by May, when the company reported a nearly 40% plunge in gross profits within its core Energy segment.

Confidence collapsed further on June 23, 2026, when shares cratered 21% following an announcement that 2026 renewables revenue would drop by $900 million—a 30% decline from the previous year. CEO Koti Vadlamudi eventually pointed to a litany of execution failures, including sequencing errors, project redesigns, and workforce management issues. Hagens Berman, the firm leading the class action, is now investigating when exactly leadership became aware of the full scope of these problems. Investors who purchased Primoris stock between August 5, 2025, and June 22, 2026, face a lead plaintiff deadline of September 21, 2026.