Core Viewpoint - Fermi Inc. is facing a securities class action lawsuit due to allegations of misrepresentation regarding the demand for its Project Matador AI data center and the stability of its primary tenant, leading to a significant stock price decline of nearly 34% following the termination of a $150 million funding agreement [1][2][7]. Allegations and Legal Proceedings - The lawsuit claims that Fermi's IPO materials exaggerated the demand for Project Matador to secure investor financing [3][7]. - The complaint highlights that Fermi failed to disclose the risks associated with relying on a single tenant for funding, which ultimately led to the termination of the Advance in Aid of Construction Agreement (AICA) [2][7]. - Following the announcement of the AICA termination on December 12, 2025, Fermi's stock price dropped by 33.8%, with shares trading as low as $8.59, representing a 59% decline from the IPO price of $21.00 [2][7]. Class Action Details - The class action lawsuit aims to represent investors who purchased Fermi shares during the October 2025 IPO or in the open market between October 1, 2025, and December 11, 2025 [6][7]. - The lead plaintiff deadline for the lawsuit is set for March 6, 2026 [6].
FRMI ALERT: Hagens Berman Scrutinizing Suit Against Fermi (FRMI) Over Alleged $150M Anchor Tenant Exit