Primoris Services Faces Securities Fraud Class Action Over Cost Estimates

The litigation, spearheaded by Glancy Prongay Wolke & Rotter LLP, claims Primoris failed to maintain adequate oversight of its fixed-price renewable energy portfolio. According to the complaint, internal processes for cost estimation and forecasting were fundamentally deficient. These failures allegedly led the company to systematically underestimate the risks and expenses associated with projects suffering from significant schedule delays and cost overruns.

By failing to disclose these operational weaknesses, the firm purportedly issued statements that lacked a reasonable basis, painting an overly optimistic picture of its financial health. While no class has been certified at this stage, the law firm is soliciting investors to come forward to pursue recovery. Those who purchased securities during the specified period retain the right to act as lead plaintiffs or remain absent class members, though they must notify the court by the September deadline.