Infrastructure services provider Primoris Services Corporation is facing a securities fraud class action lawsuit after significant cost overruns and schedule delays on its renewable energy projects. The law firm Robbins Geller Rudman & Dowd LLP announced that investors who purchased Primoris stock between August 5, 2025, and June 22, 2026, have until September 21, 2026, to apply to be lead plaintiff.

Primoris provides engineering, procurement, construction, and maintenance services to the utility, energy, and infrastructure markets. Its energy segment generates the majority of its revenue, with renewable energy projects being a key component. Because many of these renewable energy contracts are fixed-price, the company's profits are heavily reliant on the accuracy of its cost estimates, and it typically bears the risk of any overruns.

The lawsuit alleges that Primoris and certain of its executives made false and misleading statements during the class period. They failed to disclose critical information: that the company's cost estimation, completion forecasting, and project oversight processes were flawed and could not provide reliable cost and profit expectations for large, fixed-price renewable energy projects; and that the company systematically underestimated the costs and risks of projects that were already experiencing major overruns, execution problems, and schedule delays.

The truth emerged through a series of negative disclosures, with each announcement triggering a sharp decline in the stock price. On February 23, the company disclosed rising costs on some renewable energy projects, causing the stock to fall 8%. On May 5, it slashed its full-year 2026 adjusted earnings per share guidance from $5.80-$6.00 to $4.80-$5.00, leading to a stock price plunge of approximately 50%. On June 8, it announced the resignation of its renewable energy business president, and the stock fell another 15%. On June 22, an internal review assisted by an independent third-party expert revealed severe cost overruns and delays on six renewable energy projects, prompting a further guidance reduction to $2.05-$2.60 per share and the resignation of its Chief Operating Officer. The stock dropped 22% that day, closing at $84.95. Since the initial problems were first disclosed in February, Primoris's share price has fallen by more than 70%.