The investigation centers on a stark divergence between the company’s May 6 guidance and its subsequent June update. On May 6, Primoris told investors to expect adjusted EBITDA between $480 million and $500 million. By late June, the company slashed those figures to a range of $275 million to $325 million, citing severe cost overruns across six renewable energy projects.

Legal firm Levi & Korsinsky is examining whether CEO Koti Vadlamudi and CFO Ken Dodgen issued misleading statements in the company’s Q1 2026 10-Q filing. That document, certified by both executives, reported $856.9 million in goodwill with no impairment recorded, just weeks before the guidance collapse. The investigation aims to determine if these filings omitted material facts regarding the financial health of the renewables portfolio, potentially violating securities laws.