Core Viewpoint - Hagens Berman is notifying investors about a pending securities class action against Fermi Inc. related to misrepresentations regarding its Project Matador and its primary tenant's stability, with a lead plaintiff deadline set for March 6, 2026 [1][3][5]. Allegations of the Class Action - The litigation claims that Fermi misrepresented the demand for its Project Matador, a significant AI data center campus, and the reliability of its main tenant [3][5]. - The complaint highlights that Fermi's IPO registration statement inflated the actual demand for Project Matador's multi-gigawatt capacity to attract higher valuations [8]. - It is alleged that Fermi concealed risks associated with relying on a single tenant's funding commitment, which was critical for financing the construction of Project Matador [8]. Impact of Misstatements - On December 12, 2025, Fermi announced the termination of a $150 million Advance in Aid of Construction Agreement by its first tenant, leading to a nearly 34% drop in Fermi's stock price [3][8]. - Following the announcement, Fermi's stock price fell to as low as $8.59 per share, representing a 59% decline from the IPO price of $21.00 per share [8]. Class Action Details - The class action lawsuit aims to represent purchasers of Fermi Inc. common stock related to the October 2025 IPO and those who acquired securities between October 1, 2025, and December 11, 2025 [8].
Hagens Berman Scrutinizing Suit Against Fermi (FRMI) Over Alleged $150M Anchor Tenant Exit