NEW YORK–(BUSINESS WIRE)–Labaton Keller Sucharow LLP (“Labaton”) has filed a securities class action lawsuit (the “Action”) on behalf of its clients Boston Retirement System (“Boston”) and NS Pension Public Equity Fund (“NS Pension”) against Primoris Services Corporation (“Primoris” or the “Company”) (NYSE: PRIM) and certain Primoris officers and directors (collectively, “Defendants”). The Action, which is captioned Boston Retirement System v. Primoris Services Corp., No. 26-cv-02416-B (N.D. Tex.), asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder on behalf of all persons and entities that purchased or otherwise acquired Primoris common stock between August 5, 2025 and June 22, 2026, inclusive (the “Class Period”).
Primoris is an infrastructure services company that provides engineering, procurement, construction, and maintenance services to customers in the utilities, energy, and infrastructure markets. During the Class Period, Primoris’ Energy segment generated a majority of the Company’s revenue, with its renewable energy business serving as a significant contributor. Because Primoris performed much of its renewable energy work under fixed-price construction contracts, its profitability depended on accurately estimating project costs and controlling expenses, as the Company generally bore the risk of cost overruns.
The Action alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding Primoris’ cost estimation, cost-to-complete forecasting, project execution, ability to manage project risk, financial performance, and financial guidance because Defendants knew or recklessly disregarded 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.
The truth was revealed through a series of disclosures between February 23, 2026 and June 22, 2026, culminating in Primoris’ announcement that an ongoing internal review, supported by an independent third-party industry expert, had identified significant cost overruns, project delays, and execution challenges affecting six renewable energy projects. The Company disclosed materially lower expected Renewables revenue for 2026, sharply reduced its full-year 2026 financial guidance, and announced the resignation of its Chief Operating Officer. On this news, Primoris’ stock price fell 21.6%, from $108.34 per share to $84.95 per share.
If you purchased or acquired Primoris common stock during the Class Period and were damaged thereby, you are a member of the “Class” and may be able to seek appointment as Lead Plaintiff. Lead Plaintiff motion papers must be filed no later than September 21, 2026. The Lead Plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as Lead Plaintiff to share in any Class recovery in this action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this action.
If you would like to consider serving as Lead Plaintiff or have any questions about this lawsuit, you may contact Connor C. Boehme, Esq. of Labaton at +1 (212) 907-0780, or via email at [email protected]. You can view a copy of the Complaint online here.
Boston and NS Pension are represented by Labaton, which represents many of the largest pension funds in the United States and internationally with combined assets under management of more than $6 trillion. Labaton’s litigation reputation is built on its half-century of securities litigation experience, more than ninety full-time attorneys, and in-house team of investigators, financial analysts, and forensic accountants. Labaton has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, Delaware, London, and Washington, D.C. More information about Labaton is available at labaton.com.
Contacts
Connor C. Boehme, Esq.
Labaton Keller Sucharow LLP
+1 (212) 907-0780
[email protected]
