SAN FRANCISCO, July 1, 2026 /PRNewswire/ -- Primoris Services Corporation (NYSE: PRIM) shares cratered again during intraday trading on June 23, 2026  (-$43.34, -40%), on the company's disclosure of additional challenges to- and cost overruns within- its renewables business projects and the abrupt departure of its Chief Operating Officer.

The news follows Primoris' May 5, 2026 disclosure that it suffered huge year-over-year and sequential declines in revenues and gross profits for its Energy segment and identified ongoing, expanded issues with its renewables business, news which sent the price of company shares tumbling $101.69 (-50%).

Hagens Berman is actively investigating whether Primoris' pre-May 5 statements about trends in- and operational performance of- its renewables business misled investors and, if so, whether the company violated the federal securities laws.

The firm encourages Primoris investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist the investigation to contact its attorneys.

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Primoris Services Corporation (PRIM) Investigation:

Primoris' renewable business is part of the company's core Energy segment and historically has contributed roughly 40% of Primoris' entire annual revenue.

After the markets closed on June 22, 2026, Primoris shocked investors when it announced that "[a]dditional challenges and cost overruns were identified as a result of continued progress on projects in the Company's Renewables business." Importantly, as a result of ongoing problems in six projects and additional challenges, Primoris said its 2026 renewables business revenues would decline 30% ($900 million) from the $3 billion revenues reported for 2025.

This news follows two previous disclosures about Primoris' renewables business problems, one downplaying and the next partially indicating problems in the business.

First, in February 2026, Primoris management attributed lower gross margins to "unexpectedly higher costs" at certain renewables projects, citing difficult soil and rock conditions that required additional labor and equipment. While management later downplayed the issue as being isolated to a single project—expressing confidence in their remedial measures—they simultaneously touted the company's ability to "accelerate project timelines" for 2026.

Second, on May 5, 2026, the market's confidence in Primoris's remedial measures was shattered when the company released its Q1 2026 financial results and revealed a staggering decline in the core Energy segment, with year-over-year revenues falling by $152.9 million (13.8%) and gross profits plunging by nearly 40%.

CEO Koti Vadlamudi admitted the next day during the May 6 earnings call that Primoris's financial results were battered by cost pressures across multiple solar projects. Moving beyond the "rock and soil" reason used just months prior, Vadlamudi cited a litany of execution-related factors as the cause of the margin collapse:

• Project Redesigns: Costly changes to existing plans.
• Labor Issues: Inability to manage specific workforce demands.
• Sequencing Errors: Failures in project management and timing.
• Weather Disruptions: Further complicating already delayed timelines

Together, the May 5 and June 22, 2026 disclosures wiped out over $7.8 billion of Primoris' market capitalization.

"We're focused on when Primoris' management learned of the full scope of the company's renewables problems, including the apparent inadequacy of remediation measures," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.

If you invested in Primoris and have substantial losses, or have knowledge that will assist the firm's investigation, submit your losses now »

If you'd like more information and answers to other frequently asked questions about the firm's Primoris investigation, read more »

Whistleblowers: Persons with non-public information regarding Primoris should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email PRIM@hbsslaw.com.

About Hagens Berman
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SOURCE Hagens Berman Sobol Shapiro LLP