The complaint, filed by Hagens Berman Sobol Shapiro LLP, contends that Primoris management repeatedly touted disciplined bidding and reliable forecasting for its renewable energy projects while allegedly concealing systemic deficiencies in project oversight. These internal failures led to significant cost underestimations and execution errors across multiple sites.

Investor confidence collapsed following two major selloffs. On May 6, 2026, shares plummeted 50% after the company revealed a 40% drop in gross profits within its Energy segment. CEO Koti Vadlamudi later attributed these losses to project redesigns, labor shortages, and sequencing errors. A second crash occurred on June 23, 2026, when shares fell another 21% following the company's admission that renewables revenue would decline by $900 million—a 30% drop compared to 2025 levels. Investors who suffered substantial losses during this period have until September 21, 2026, to file for lead plaintiff status.