The scrutiny follows a turbulent second quarter for the Dallas-based firm. On May 5, 2026, Primoris disclosed first-quarter results that fell short of market expectations, prompting a reduction in full-year adjusted EBITDA guidance by as much as $80 million. Management cited delayed project timelines and rising costs within its renewable energy portfolio as the primary catalysts for the shortfall. Investors reacted sharply, sending the stock price down 50.11% to close at $101.23 on May 6.

Pressure intensified on June 22 when the company announced the exit of its Chief Operating Officer alongside further negative disclosures. An ongoing third-party assessment revealed additional cost overruns, forcing the company to slash its full-year 2026 revenue forecast for the renewables segment to $2.1 billion, down from the $3 billion recorded in 2025. Shares subsequently dropped another 21.59% to $84.95. Pomerantz LLP is now seeking information from shareholders regarding these developments as part of a potential class action litigation.