Primoris Services Faces Securities Lawsuit Following $6 Billion Selloff

The legal action, filed by Hagens Berman Sobol Shapiro LLP, targets individuals who purchased Primoris common stock between August 5, 2025, and June 22, 2026. According to the complaint, the company repeatedly touted "disciplined bidding" and "well-developed estimating processes" while failing to disclose that these systems were woefully inadequate. This lack of transparency allegedly led to the systematic underestimation of costs and risks across multiple major renewable energy projects.

Market confidence began to erode in February 2026 when management blamed "unexpectedly higher costs" on soil conditions. The situation worsened on May 6, 2026, when shares plummeted 50% following a disastrous Q1 earnings report. CEO Koti Vadlamudi later attributed the collapse to a litany of execution failures, including project redesigns, labor shortages, and sequencing errors. A second major selloff occurred on June 23, 2026, after the company announced a projected 30% revenue decline for its renewables business, causing shares to drop another 21%.

Hagens Berman partner Reed Kathrein is now investigating when leadership became aware of the full scope of these problems and why remedial measures failed to contain the fallout. Investors seeking to participate as lead plaintiffs have until September 21, 2026, to submit their claims.