Primoris Services Corporation Class Action Lawsuit - PRIM

Company: Primoris Services Corporation

Ticker: (NYSE) PRIM

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Lead Plaintiff Deadline: September 21, 2026

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Certification of Plaintiff Pursuant to Federal Securities Laws

I, duly certify and say, as to the claims asserted under the federal securities laws, that:

1. I have reviewed a complaint filed in the action.

2. I did not purchase the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this action.

3. I am willing to serve as a representative party on behalf of the class, including providing testimony at deposition and trial, if necessary.

4. My transaction(s) in Primoris Services Corporation which are the subject of this litigation during the class period set forth in the complaint are set forth in the chart attached hereto.

5. Within the last 3 years,



6. I will not accept any payment for serving as a representative party on behalf of the class beyond the Plaintiff's pro rata share of any recovery, except as ordered or approved by the court, including any award for reasonable costs and expenses (including lost wages) directly relating to the representation of the class.

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Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

By your signature above, you confirm that have retained Levi & Korsinsky, LLP to represent you and the shareholder class as a lead plaintiff in the pending class action against Primoris Services Corporation. This representation will be on a contingency basis, meaning that Levi & Korsinsky will advance all expenses in the litigation and will only seek compensation and/or reimbursement of expenses if the firm obtains a recovery. Regardless of the result, we will never ask you to directly pay for any attorneys’ fees, expenses, or costs. Should we obtain a favorable result, we may ask the court to award us compensation and reimbursement of expenses to be paid by the defendants or as a portion of any class recovery. In exchange for our representation, you agree to cooperate as our client by providing, for example, relevant documents and deposition testimony, if necessary. During the course of this litigation, we may employ and/or work with other law firms, experts, and third-parties to successfully prosecute this action. If you are not appointed as the lead plaintiff or Levi & Korsinsky is not appointed as lead counsel, we will notify you of such decision at which time this representation will end unless otherwise extended by you and the firm. We look forward to working with you towards a successful resolution of this action.

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Class Period

Begins

05

Aug 2025

Ends

22

Jun 2026

August 05, 2025 - June 22, 2026

Allegations

The filed complaint alleges that Primoris Services Corporation made materially false and/or misleading statements and/or failed to disclose that:

(i) Primoris’ cost estimation, cost-to-complete forecasting, and project oversight processes were deficient and failed to provide reliable estimates of the costs and expected profitability of significant fixed-price renewable energy projects; (ii) as a result, Primoris systematically underestimated the costs and risks of significant fixed-price renewable energy projects that were experiencing material cost overruns, execution problems, and schedule delays; and (iii) accordingly, defendants’ statements regarding the Company’s estimating processes, project execution, ability to manage project risk, financial performance, and financial guidance lacked a reasonable basis and omitted material adverse facts.

Eligibility

In order to be eligible to join the PRIM class action lawsuit, you must have incurred a loss on shares of Primoris Services Corporation purchased during the class period listed above.

Lead Plaintiff Deadline

If you suffered a loss in Primoris Services Corporation during the relevant time frame, you have until September 21, 2026 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Primoris Services CorporationClass Action Lawsuit Details

Key Facts About Primoris Services Corporation (NYSE: PRIM)

●       The Allegation: The complaint alleges Primoris misled investors by claiming it maintained disciplined bidding, well-developed estimating processes, effective project controls, and reliable cost forecasting for fixed-price renewable energy projects. Plaintiffs allege the company actually had deficient estimating, cost-to-complete forecasting, and project oversight processes that caused it to underestimate costs and risks on multiple significant renewable energy projects.

●       The Stock Drop: PRIM fell $23.39, approximately 21.6%, to $84.95 per share on June 23, 2026, after Primoris announced an internal review finding significant cost overruns, project delays, and execution challenges affecting six renewable energy projects; PRIM declined approximately 8% to $151.92 per share on February 24, 2026, after the company disclosed increased renewable project costs and margin compression; PRIM declined approximately 50% to $101.23 per share on May 6, 2026, after the company disclosed weaker first-quarter results and reduced 2026 guidance; PRIM declined approximately 15% to $103.90 per share on June 9, 2026, after Primoris announced the immediate departure of its President of Renewables.

●       Class Period & Defendants: The class period runs from August 5, 2025 through June 22, 2026, inclusive. Defendants are Primoris Services Corporation, Koti Vadlamudi (President and Chief Executive Officer from November 10, 2025), David King (Chairman and Interim President and Chief Executive Officer from March 20, 2025 to November 10, 2025), Ken Dodgen (Executive Vice President and Chief Financial Officer), and Jeremy Kinch (Chief Operations Officer through June 22, 2026).

●       Lead Plaintiff Deadline: September 21, 2026. Investors who wish to seek appointment as lead plaintiff must apply by the deadline. No action is required before the deadline to remain a potential class member.

Primoris Services Class Action Summary

 

 

Company

Primoris Services Corporation (NYSE: PRIM)

Lead Plaintiff Deadline

September 21, 2026

Class Period

August 5, 2025 – June 22, 2026

Stock Drop

June 23, 2026 – PRIM fell $23.39 (21.6%) to $84.95; February 24, 2026 – PRIM fell approximately 8% to $151.92; May 6, 2026 – PRIM fell approximately 50% to $101.23; June 9, 2026 – PRIM fell approximately 15% to $103.90

Introduction

A securities class action lawsuit has been filed against Primoris Services Corporation in the Northern District of Texas. The case concerns investors who purchased PRIM common stock from August 5, 2025 through June 22, 2026.

The complaint alleges defendants made materially false and misleading statements about Primoris’ bidding discipline and project controls. Plaintiffs claim the company hid cost-estimation problems affecting fixed-price renewable energy projects.

Investors allegedly suffered losses as the truth emerged through several disclosures in 2026. A 21.6% decline followed the June 22, 2026 business update concerning six renewable energy projects.

Company Profile

Primoris Services Corporation is an infrastructure services company headquartered in Dallas, Texas. The company designs, builds, maintains, and upgrades energy and utility infrastructure, including electric grids, natural gas systems, renewable energy projects, pipelines, and communications networks in the United States and Canada.

Class Period

August 5, 2025 – June 22, 2026

Investors who purchased or acquired Primoris Services Corporation (PRIM) common stock during the Class Period may be eligible to seek recovery under the federal securities laws.

Allegations

The Primoris Services Corporation securities lawsuit centers on the company’s renewable energy business, which was part of its Energy segment and generated a majority of the company’s revenue during the Class Period. According to the complaint, Primoris performed substantial renewable energy work under fixed-price construction contracts, so profitability depended on accurately estimating project costs and controlling expenses. Plaintiffs allege the company repeatedly assured investors that it used disciplined bidding, reliable estimating processes, and effective project controls to manage risk.

The alleged misstatements began with Primoris’ second-quarter 2025 results. On August 4, 2025, the company reported second-quarter revenue of $1.9 billion and Energy segment revenue of $1.2 billion, while issuing full-year 2025 guidance for net income of $241 million to $252 million and Adjusted EBITDA of $490 million to $510 million. During the August 5, 2025 earnings call, Defendant David King told investors Primoris could pursue upcoming work without exposing itself to unnecessary risk on large lump-sum projects, and Defendant Ken Dodgen attributed increased revenue guidance to good performance and execution timing.

Plaintiffs allege similar statements continued after the third quarter of 2025 and at investor conferences in January 2026. At the Goldman Sachs Energy, CleanTech & Utilities Conference on January 7, 2026, Defendant Jeremy Kinch said Primoris pursued projects within its expertise and would grow in line with its ability to execute. At the CJS Securities New Ideas for the New Year Investor Conference on January 14, 2026, Kinch described Primoris as having well-developed estimating processes and stated that the company had work processes in place to estimate correctly and execute the work correctly.

The complaint alleges these statements were materially false and misleading because defendants knew or recklessly disregarded that Primoris’ cost estimation, cost-to-complete forecasting, and project oversight processes were deficient. Plaintiffs claim those deficiencies caused Primoris to systematically underestimate costs and risks on significant fixed-price renewable energy projects, delaying recognition of material cost overruns and margin deterioration. As a result, the lawsuit alleges defendants lacked a reasonable basis for the company’s financial guidance and repeated assurances about project execution, margin outlook, and risk management.

The Truth Emerges

The alleged truth emerged in stages. After the market closed on February 23, 2026, Primoris disclosed increased costs on certain renewable energy projects, more challenging-than-anticipated soil conditions, and margin compression in its Energy segment. The complaint alleges this disclosure revealed only part of the truth because defendants continued to issue optimistic 2026 guidance and assured investors that Primoris remained positioned for growth.

More serious problems surfaced after the market closed on May 5, 2026, when Primoris disclosed revenue and margin pressure, delayed project starts, and weaker-than-expected first-quarter 2026 results. The company reduced full-year 2026 Adjusted EPS guidance from $5.80-$6.00 to $4.80-$5.00 and lowered its Adjusted EBITDA guidance. According to plaintiffs, defendants still understated the scope of the estimating and execution problems by telling investors the affected projects were largely behind the company.

The narrative advanced again on June 8, 2026, when Primoris announced that Anthony Vorderbruggen, its President of Renewables, was departing effective immediately. Guggenheim Securities said the announcement raised questions about PRIM’s efforts to contain problems in the renewable energy business and whether the company had fully scoped challenges with the six solar projects it had previously highlighted. On June 22, 2026, Primoris issued a Business Update stating that an internal review, supported by an independent third-party industry expert, had identified substantial challenges, cost overruns, and project delays affecting six renewable energy projects.

Market Reaction

Primoris shares declined as investors absorbed each disclosure. After the February 23, 2026 disclosure, PRIM declined approximately 8%, closing at $151.92 per share on February 24, 2026. Following the May 5, 2026 first-quarter results and guidance cut, PRIM declined approximately 50%, closing at $101.23 per share on May 6, 2026. After the June 8, 2026 leadership announcement, PRIM declined approximately 15%, closing at $103.90 per share on June 9, 2026.

The final alleged corrective disclosure came on June 22, 2026, when Primoris reduced full-year 2026 Adjusted EPS guidance to $2.05-$2.60, lowered Adjusted EBITDA guidance to $275 million-$325 million, projected 2026 Renewables revenue of approximately $2.1 billion, and announced Defendant Kinch’s resignation as Chief Operations Officer. On this news, PRIM fell 21.6%, from $108.34 to $84.95 per share, closing at $84.95 on June 23, 2026.

Next Steps

●       Lead Plaintiff Deadline: September 21, 2026

●       After the lead plaintiff deadline, the Court will consider any lead plaintiff motions.

●       Defendants may file a motion to dismiss.

●       If the case proceeds, the Court may later consider class certification.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. Prior results do not guarantee similar outcomes.