Pomerantz says investors filed Primoris securities class action over renewable project issues
Pomerantz LLP says a securities class action has been filed against Primoris Services Corporation over 2026 disclosures tied to renewable-energy project problems, guidance cuts and stock drops.
Pomerantz LLP says investors in Primoris Services Corporation may seek lead-plaintiff status in a securities class action tied to 2026 disclosures about renewable-energy project problems and later stock declines.
Pomerantz LLP said investors have filed a securities class action against Primoris Services Corporation, according to a notice dated Aug. 13, 2026. The alert says the case concerns whether Primoris and certain officers and directors engaged in securities fraud or other unlawful business practices tied to renewable-energy project issues and a series of negative disclosures this year.
The notice says investors who bought or otherwise acquired Primoris securities during the class period may ask a court to appoint them lead plaintiff by Sept. 21, 2026.
According to the notice, Primoris said on Feb. 23, 2026, that fourth-quarter and full-year 2025 results were affected by higher costs on certain renewable-energy projects, more difficult-than-expected soil conditions and margin compression in its Energy segment. Pomerantz said the stock fell $13.72, or 8.28%, to $151.92 on Feb. 24.
The notice says Primoris later reported first-quarter 2026 results on May 5 and disclosed revenue and margin pressure, delayed project starts and weaker-than-expected results. It also says the company cut full-year 2026 adjusted earnings per share guidance to $4.80 to $5.00 from $5.80 to $6.00 and lowered adjusted EBITDA guidance. Pomerantz said the stock fell $101.69, or 50.11%, to $101.23 on May 6.
On June 8, Primoris said Anthony Vorderbruggen, its president of renewables, was leaving effective immediately, the notice says. Pomerantz said the stock fell $18.92, or 15.4%, to $103.90 on June 9.
The notice says Primoris then issued a business update on June 22 after an internal review supported by an independent third-party industry expert. Primoris said it had identified substantial challenges, cost overruns and project delays affecting six renewable-energy projects, according to the alert. The company also reduced its full-year 2026 adjusted EPS guidance to $2.05 to $2.60, lowered adjusted EBITDA guidance to $275 million to $325 million, projected 2026 renewables revenue of about $2.1 billion and announced the resignation of its chief operating officer. Pomerantz said the stock fell $23.39, or 21.59%, to $84.95 on June 23.
The notice provides no court caption, filing date or case number in the extracted text. It says the complaint can be found at Pomerantz’s website and lists Danielle Peyton as the contact for questions.
The notice says the next deadline is Sept. 21, 2026, for investors who meet the class-period criteria to seek appointment as lead plaintiff.
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