Core Viewpoint - A class action lawsuit has been filed against Fermi Inc. for allegedly making materially false and misleading statements regarding its business operations and prospects during its IPO and subsequent trading period [1][6]. Group 1: Lawsuit Details - The lawsuit is filed in the United States District Court for the Southern District of New York, under the case name Lupia v. Fermi, Inc., and is on behalf of individuals and entities that purchased Fermi's common stock during the IPO and the class period from October 1, 2025, to December 11, 2025 [1]. - The lawsuit claims violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [1]. Group 2: IPO and Stock Performance - Fermi conducted its IPO on October 1, 2025, selling 37,375,000 shares at a price of $21.00 per share [3]. - Following the announcement of a significant tenant's termination of a $150 million funding agreement, Fermi's stock price dropped by $5.16, or 33.8%, closing at $10.09 on December 12, 2025 [4]. - By the time the lawsuit commenced, Fermi's stock had fallen to as low as $8.59 per share, representing a 59% decline from the IPO price [5]. Group 3: Allegations Against Defendants - The complaint alleges that Fermi's Registration Statement and statements made during the class period contained materially false and misleading information, including an overstatement of tenant demand for the Project Matador campus and reliance on a single tenant's funding commitment [6]. - It is claimed that the defendants failed to disclose the significant risk of the tenant terminating its funding commitment, which misled investors regarding the company's business and operational prospects [6].
FRMI CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit On Behalf Of Fermi Inc. Shareholders