Robbins Geller sets Sept. 21 deadline in Primoris securities case
Robbins Geller Rudman & Dowd said Primoris investors have until Sept. 21, 2026, to seek lead-plaintiff status in a securities class action tied to renewable-energy project disclosures.
Robbins Geller Rudman & Dowd LLP said Primoris Services Corporation investors who bought common stock between Aug. 5, 2025, and June 22, 2026, have until Sept. 21, 2026, to ask a federal court to appoint them lead plaintiff in a securities class action.
The notice, issued Aug. 27, says the suit accuses Primoris and certain current and former executives of violating the Securities Exchange Act of 1934. The complaint centers on alleged misstatements and omissions about renewable-energy project costs, risks, execution and financial guidance.
The complaint says a series of company disclosures in 2026 revealed higher costs, weaker results and reduced outlooks on several renewable-energy projects. The notice says the stock moved sharply after those updates. Those allegations remain part of the complaint and have not been proven.
Primoris is described in the notice as an infrastructure services company that provides engineering, procurement, construction and maintenance services. The lawsuit is captioned Boston Retirement System v. Primoris Services Corporation, No. 26-cv-02416, in the Northern District of Texas.
The complaint says Primoris had deficient cost estimation, cost-to-complete forecasting and project oversight processes. It also says the company underestimated costs and risks on significant fixed-price renewable-energy projects and made statements about estimating processes, project execution, risk management, financial performance and guidance without a reasonable basis.
The notice lists several events the complaint identifies as corrective disclosures. On Feb. 23, 2026, Primoris reported fourth-quarter and full-year 2025 results and disclosed higher costs on certain renewable-energy projects, more challenging soil conditions than expected and margin compression in its Energy segment. The complaint says the stock fell 8% that day.
On May 5, 2026, Primoris reported first-quarter 2026 results that the complaint says showed revenue and margin pressure, delayed project starts and weaker-than-expected results. The company also cut full-year 2026 adjusted earnings per share guidance from $5.80-$6.00 to $4.80-$5.00 and lowered adjusted EBITDA guidance, according to the notice. The complaint says the stock fell about 50% after that update.
The notice also says Primoris announced the immediate departure of Anthony Vorderbruggen, president of renewables, on June 8, 2026, and that the stock fell about 15% after that news.
On June 22, 2026, Primoris issued a business update after an internal review supported by an independent third-party industry expert, the notice says. That update identified substantial challenges, cost overruns and project delays affecting six renewable-energy projects. Primoris lowered full-year 2026 adjusted EPS guidance to $2.05-$2.60, cut adjusted EBITDA guidance to $275 million-$325 million, projected 2026 renewables revenue of about $2.1 billion and announced the resignation of Chief Operating Officer Jeremy Kinch, according to the notice. The complaint says the stock fell 22% after that disclosure.
Robbins Geller listed attorneys Ken Dolitsky and Michael Albert as contacts in the notice. The firm also said it recovered more than $916 million for investors in 2025 and $8.4 billion over the prior five years, and that it obtained a $7.2 billion recovery in In re Enron Corp. Sec. Litig.
Investors in the alleged class period who want to seek lead-plaintiff status must act by Sept. 21, 2026, according to the notice.
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