Snapshot from Aug 24, 2026 at 07:00 UTC. For live data and tracking: View Live
Events / Regulatory / Primoris Securities Class Action...
Regulatory Securities Class Action

Primoris Securities Class Action Over Renewable Failures

Analysis based on 60 articles · First reported Jul 28, 2026 · Last updated Aug 22, 2026

Sentiment
-60
Attention
4
Articles
60
Market Impact
General
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The revelations and subsequent class action have erased over $6 billion from Primoris' market capitalization between May 5 and June 23, 2026, with shares crashing 50% on May 6 and another 21% on June 23. The ongoing litigation and financial guidance cuts are likely to keep pressure on the stock and raise concerns about the company's project execution and governance.

Construction & Engineering Renewable Energy
Event Summary

Primoris Services faces a securities class action lawsuit alleging it misled investors about its project management capabilities and financial health, particularly regarding six renewable energy projects. The class period runs from August 5, 2025, to June 22, 2026. The company's Q2 2026 results showed a net loss of $24.2 million, revenue down 10.6% to $1.69 billion, and adjusted EBITDA of only $11.4 million. Management attributed the decline to cost overruns and volume declines on the six projects, which generated a $200 million negative cash flow impact. The Energy segment swung to a gross loss with margins at -0.3%. The lawsuit alleges that Primoris concealed deficient estimating and forecasting processes, leading to systematic underestimation of project costs and risks. The truth emerged through a series of disclosures: in February 2026, management cited soil and rock issues; on May 5, 2026, Q1 results revealed a severe drop in Energy segment profits; and on June 22, 2026, the company announced a 30% reduction in 2026 renewables revenue, wiping out $900 million in expected sales. The stock fell 22% on June 23, 2026, closing at $84.95. Multiple law firms, including Hagens Berman, Rosen Law Firm, and Kahn Swick & Foti, are soliciting investors to join the class action, with a lead plaintiff deadline of September 21, 2026. The case is pending in the United States — United States District Court for the Northern District of Texas.

Key Actions
100 Kaplan Fox & Kilsheimer filed class action Primoris Services
94 United States — Boston Retirement System filed securities lawsuit Primoris Services
93 Primoris Services disclosed cost overruns
88 Primoris Services cut guidance
85 Primoris Services lost market cap
81 Levi & Korsinsky commenced investigation Primoris Services
80 Primoris Services misled investors
78 Hagens Berman notified investors
77 Primoris Services announced departure Jeremy Kinch
75 Hagens Berman investigating securities fraud Primoris Services
75 Koti Vadlamudi admitted execution failures
75 Rosen Law Firm filed class action Primoris Services
73 Kahn Swick & Foti notified investors Primoris Services
72 Kessler Topaz Meltzer & Check filed class action Primoris Services
70 Primoris Services announced departure
+ 3 more actions View on Dashboard
Entities Involved
stock
Primoris Services
Primoris is the defendant in the securities class action and has suffered severe financial and reputational damage. Its stock plummeted, market cap lost over $6 billion, and it faces potential liability and ongoing operational challenges in its renewables segment.
Importance 100.0 Sentiment -80.0
per
Koti Vadlamudi
Koti Vadlamudi is the CEO of Primoris and is named as a defendant. He admitted to operational failures during earnings calls, and his leadership is under scrutiny, potentially affecting his career and the company's credibility.
Importance 80.0 Sentiment -70.0
priv
Hagens Berman
Hagens Berman is a leading plaintiffs' law firm actively investigating and soliciting investors for the class action. The firm stands to gain significant fees if the case succeeds, enhancing its reputation.
Importance 70.0 Sentiment 20.0
priv
Rosen Law Firm
Rosen Law Firm is another prominent plaintiffs' firm reminding investors of the lead plaintiff deadline. It is competing to represent the class and could benefit financially from a successful settlement.
Importance 60.0 Sentiment 20.0
priv
Kahn Swick & Foti
KSF is also soliciting investors for the class action, seeking to represent affected shareholders. The firm could gain fees and recognition from a favorable outcome.
Importance 50.0 Sentiment 20.0
govactor
United States — Boston Retirement System
United States — Boston Retirement System is the lead plaintiff in the case, representing the class. It suffered losses from the stock decline and is seeking recovery.
Importance 50.0 Sentiment -30.0
per
Reed Kathrein
Reed Kathrein is a partner at Hagens Berman leading the investigation. He is actively involved in the case, which could enhance his professional standing.
Importance 40.0 Sentiment 10.0
govactor
United States — United States District Court for the Northern District of Texas
This court is presiding over the class action. Its rulings will determine the course of the litigation, including class certification and potential settlement.
Importance 40.0 Sentiment 0.0
per
Lawrence Rosen
Lawrence Rosen is the founding partner of Rosen Law Firm, which is involved in the case. His firm's reputation is at stake, and a successful outcome could bolster it.
Importance 30.0 Sentiment 10.0
per
Philip Kim
Philip Kim is an attorney at Rosen Law Firm handling investor inquiries. His role is to facilitate investor participation in the class action.
Importance 30.0 Sentiment 10.0
per
Lewis Kahn
Lewis Kahn is a managing partner at KSF and is a contact for investors. His involvement is part of the firm's efforts to represent the class.
Importance 30.0 Sentiment 10.0
govactor
United States — United States Securities and Exchange Commission
The SEC is mentioned in connection with the whistleblower program, which could incentivize insiders to provide information. The SEC may also investigate Primoris separately.
Importance 30.0 Sentiment 0.0
per
Charles Foti
Charles Foti is a partner at KSF and former Louisiana Attorney General. His involvement adds credibility to the firm's efforts.
Importance 20.0 Sentiment 10.0
Relationships
Primoris Services related ↔ Kahn Swick & Foti
Primoris Services defendant ↔ United States — Boston Retirement System Primoris Services is the defendant in an active securities fraud class action lawsuit filed by the Boston Retirement Sys
Primoris Services defendant ↔ United States — United States District Court for the Northern District of Texas Primoris Services is currently a defendant in a securities class action lawsuit filed in the United States District Cour
Hagens Berman legal rivals ↔ Rosen Law Firm Hagens Berman frequently acts as a co-plaintiff with Rosen Law Firm in securities class action lawsuits against various
Hagens Berman co-counsel ↔ Kahn Swick & Foti Hagens Berman frequently acts as co-counsel with Kahn Swick & Foti in securities class action lawsuits, representing inv
Hagens Berman related ↔ Reed Kathrein
Hagens Berman related ↔ Lawrence Rosen
Hagens Berman related ↔ Philip Kim
Rosen Law Firm co-plaintiffs ↔ Kahn Swick & Foti Rosen Law Firm frequently acts as a co-plaintiff with Kahn Swick & Foti in various securities class action lawsuits, rep
Rosen Law Firm related ↔ Reed Kathrein
Rosen Law Firm related ↔ Lawrence Rosen
Rosen Law Firm related ↔ Philip Kim
Kahn Swick & Foti related ↔ United States — Boston Retirement System
Kahn Swick & Foti related ↔ Reed Kathrein
Kahn Swick & Foti related ↔ United States — United States District Court for the Northern District of Texas
+ 6 more relationships View on Dashboard
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