NEW YORK, July 27, 2026 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in Primoris Services Corporation (NYSE: PRIM) that a securities class action has been filed on behalf of shareholders who purchased Primoris securities between August 5, 2025 and June 22, 2026. Find out if you could qualify to recover your losses. Questions may be directed to Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.
PRIM shares fell $23.39 per share, or 21.6%, from $108.34 to $84.95 after the Company announced an internal review tied to six renewable energy projects, reduced 2026 guidance, and disclosed the resignation of its Chief Operating Officer. The window to apply for lead plaintiff closes on September 21, 2026.
CEO CFO Securities Liability Section 20(a) Control Person Allegations
The complaint names Primoris and senior executives Koti Vadlamudi, David King, Ken Dodgen, and Jeremy Kinch as defendants. The action asserts that these individuals had authority over Primoris' SEC filings, earnings releases, conference calls, and investor communications during the Class Period.
As alleged, the control person theory focuses on whether senior officers could prevent, correct, or qualify statements concerning disciplined bidding, cost estimating, project oversight, and the Company's financial outlook for fixed-price renewable energy work.
Individual Defendant Roles Alleged in the Complaint
The complaint identifies the following leadership roles as relevant to the alleged control person claims:
- Koti Vadlamudi served as President and Chief Executive Officer from November 10, 2025 through the end of the Class Period.
- David King served as Chairman and Interim President and Chief Executive Officer from March 20, 2025 to November 10, 2025.
- Ken Dodgen served as Executive Vice President and Chief Financial Officer throughout the Class Period.
- Jeremy Kinch served as Chief Operations Officer throughout the Class Period until his departure on June 22, 2026.
- The pleading asserts that the individual defendants had access to information about renewable project costs, margins, forecasting, and public disclosures.
SOX Certifications and Alleged Public Statement Control
The lawsuit contends that Primoris' public statements gave investors confidence in project execution controls while the Company allegedly had deficient estimating, cost-to-complete forecasting, and oversight processes. Plaintiffs further allege that financial guidance was unsupported because material cost overruns and margin deterioration were not timely recognized.
The complaint also references SEC filings and certifications connected to financial reporting. These allegations matter to PRIM investors because control person liability under Section 20(a), if proven, can extend responsibility to individuals who allegedly controlled the primary violator.
"Corporate officers have a duty to ensure their companies' public statements are accurate and complete, particularly when investors are relying on statements about project controls and financial guidance. The allegations here concern whether Primoris executives had control over company disclosures concerning six renewable energy projects and the resulting $23.39 per-share decline." -- Joseph E. Levi, Esq.
Submit your information here or call (212) 363-7500.
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Frequently Asked Questions About the PRIM Lawsuit
Q: What specific misstatements does the PRIM lawsuit allege? A: The complaint alleges Primoris Services Corporation made materially false or misleading statements regarding disciplined bidding, estimating processes, project controls, cost forecasting, project execution, and financial guidance during the Class Period. When the Company disclosed substantial challenges, cost overruns, project delays, reduced 2026 guidance, and an executive resignation, the stock price declined sharply.
Q: When did Primoris Services Corporation allegedly mislead investors? A: The Class Period runs from August 5, 2025 to June 22, 2026. The complaint alleges that a series of corrective disclosures revealed information about renewable energy project cost overruns, margin pressure, project delays, and guidance reductions.
Q: What court was the PRIM class action filed in? A: The case was filed in the United States District Court for the Northern District of Texas, Dallas Division, and is governed by the Private Securities Litigation Reform Act of 1995.
Q: Who are the defendants named in the PRIM lawsuit? A: The complaint names Primoris Services Corporation and individual defendants including Koti Vadlamudi, David King, Ken Dodgen, and Jeremy Kinch, who allegedly signed SEC filings, made public statements, or had authority over financial disclosures.
Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.
Q: What documents are useful for evaluating PRIM losses? A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices are typically useful for evaluating losses.
Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.
Q: What does it cost me to participate? A: There is no upfront cost for an eligibility review. Securities class actions are generally handled on a contingency basis, with any attorneys' fees and expenses subject to court approval.
Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor's country of residence.
CONTACT:\
Levi & Korsinsky, LLP\
Joseph E. Levi, Esq.\
Ed Korsinsky, Esq.\
33 Whitehall Street, 27th Floor\
New York, NY 10004\
Tel: (212) 363-7500\
Fax: (212) 363-7171
Attorney Advertising. Prior results do not guarantee similar outcomes.
