Primoris investors face Sept. 21 deadline in securities fraud case
Kessler Topaz Meltzer & Check says investors in Primoris Services Corp. have until Sept. 21 to seek lead-plaintiff status in a federal securities fraud case.
Kessler Topaz Meltzer & Check says investors in Primoris Services Corp. have until Sept. 21 to seek lead-plaintiff status in a federal securities fraud case.
A securities fraud class action has been filed against Primoris Services Corp. in the U.S. District Court for the Northern District of Texas, according to a PR Newswire release from Kessler Topaz Meltzer & Check dated Aug. 22, 2026. The proposed class covers people who bought or acquired Primoris common stock from Aug. 5, 2025, through June 22, 2026.
The release says the complaint alleges Primoris made misleading statements or omitted material facts about renewable energy project costs, delays and profitability. It says investors have until Sept. 21, 2026, to seek lead-plaintiff status.
According to the release, the complaint is captioned Boston Retirement System v. Primoris Services Corporation, No. 3:26-cv-02416 (N.D. Tex.). It says the suit alleges Primoris and other defendants made false or misleading statements, or omitted adverse facts, about the company’s business, operations and prospects.
The release says the complaint also alleges Primoris’ cost estimation, cost-to-complete forecasting and project oversight were deficient. It says those problems affected fixed-price renewable energy projects, where the company allegedly underestimated costs and risks, leading to cost overruns, execution problems and schedule delays.
To support the timing of the claims, the release points to several company disclosures and stock moves. It says Primoris reported fourth-quarter and full-year 2025 results after market hours on Feb. 23, 2026, and disclosed increased costs on certain renewable energy projects, more challenging-than-expected soil conditions and margin compression in its Energy segment. The release says the stock fell $13.72, or 8.3%, to $151.92 on Feb. 24, 2026.
The release says Primoris later reported first-quarter 2026 results after market hours on May 5, 2026, and cut full-year adjusted EBITDA guidance from $560 million-$580 million to $480 million-$500 million. It says the company tied that reduction to lower renewable energy activity, delayed project starts and higher costs on renewable energy projects. The release says the stock fell $101.69, or 50.11%, to $101.23 on May 6, 2026.
On June 8, 2026, Primoris announced the immediate departure of its president of renewables, the release says. It says the stock fell $18.92, or 15.4%, to $103.90 on June 9, 2026.
Then, on June 22, 2026, Primoris disclosed the departure of its chief operating officer and reduced its full-year 2026 outlook again, the release says. It adds that Primoris cited cost overruns and delays related to six projects and said it expected lower revenue and gross profit, mainly from renewables. The release says the stock fell $23.39, or 21.6%, to $84.95 that day.
The release also says Primoris expected full-year renewables revenue of $2.1 billion to $3 billion. No response from Primoris was included in the release.
Kessler Topaz Meltzer & Check said there is no cost or obligation to speak with an attorney and that the complaint was not filed by KTMC. The release lists Jonathan Naji, Esq. as a contact at the firm in Radnor, Pa.
The next date noted in the release is Sept. 21, when investors can ask to be appointed lead plaintiff in the case. The class-action complaint will then continue through federal court unless it is resolved or changed by the court.
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