GlobeNewsWire
21 Aug 2026, 03:40 UTC · 1h ago
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Primoris Services Corporation (PRIM) is facing a securities fraud class action lawsuit alleging materially false statements regarding its business operations and project oversight. — Legal liabilities and allegations of systemic forecasting failures create significant long-term overhang and governance risk for the stock.
-0.60The company significantly lowered its full-year adjusted EBITDA guidance from $560-$580 million to $480-$500 million due to cost overruns and lower renewable energy activity. — Direct reduction in profitability expectations and guidance suggests fundamental weakness in the company's core growth segment.
-0.50Primoris experienced high-level executive turnover, including the departures of the President of Renewables and the Chief Operating Officer. — Rapid turnover of C-suite and division leadership during a financial downturn typically signals internal instability.
-0.40Continue reading
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The company revealed cost overruns and delays across six specific projects, leading to a reduction in projected full-year renewables revenue to $2.1 billion - $3 billion. — Specific project failures indicate operational inefficiency and risk to the company's ability to execute fixed-price contracts.
-0.30Which stocks this story touches
The company is facing a securities fraud class action lawsuit following significant stock price drops, cost overruns on renewable projects, and slashed financial guidance.
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