KTMC says Primoris faces securities fraud class action over renewable project disclosures
The law firm said investors have until Sept. 21, 2026, to seek lead-plaintiff status in a case filed in federal court in Texas.
Kessler Topaz Meltzer & Check, LLP said a securities fraud class action has been filed against Primoris Services Corporation in the U.S. District Court for the Northern District of Texas. The notice set a lead-plaintiff deadline of Sept. 21, 2026.
The firm said the case covers investors who bought or acquired Primoris common stock between Aug. 5, 2025, and June 22, 2026, inclusive. The lawsuit is captioned Boston Retirement System v. Primoris Services Corporation, No. 3:26-cv-02416 (N.D. Tex.), according to the Aug. 4, 2026, PR Newswire release.
In the release, KTMC said the complaint alleges Primoris made materially false or misleading statements or failed to disclose adverse facts about its business, operations and prospects. The alleged issues include deficient cost estimation, cost-to-complete forecasting and project oversight, along with underestimation of costs and risks on fixed-price renewable energy projects.
The release ties the claims to several company updates and stock moves. It says Primoris disclosed increased costs on certain renewable energy projects, more difficult soil conditions and margin compression in its Energy segment on Feb. 23, 2026. The notice says the stock fell $13.72, or 8.3%, to $151.92 on Feb. 24, 2026.
On May 5, 2026, Primoris cut full-year adjusted EBITDA guidance from $560 million-$580 million to $480 million-$500 million, citing lower renewable energy activity, delayed project starts and increased costs, the release said. It said the shares fell $101.69, or 50.11%, to $101.23 on May 6, 2026.
KTMC said Primoris later announced on June 8, 2026, that its President of Renewables was departing effective immediately, and that the stock fell $18.92, or 15.4%, to $103.90 on June 9, 2026. On June 22, 2026, the release said Primoris announced a COO departure and a further reduced outlook, citing cost overruns and delays on six projects. It said the stock fell $23.39, or 21.6%, to $84.95 that day.
The notice said Primoris expected lower revenue and gross profit for full-year 2026, driven mainly by renewables, and projected renewables revenue of $2.1 billion to $3 billion.
Investors who want to seek lead-plaintiff status must do so by Sept. 21, 2026, according to the release.
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