Fermi Faces Flurry of Securities Class Actions as Firms Vie for Lead Plaintiff Roles
Investor notices seek applicants to lead the case after claims that IPO‑era statements about Project Matador masked reliance on a now‑canceled $150 million construction advance.
Overview
- Multiple plaintiff firms, including DJS Law Group, Schall, Frank R. Cruz, Levi & Korsinsky, Portnoy, and Bleichmar Fonti & Auld, announced filings or solicitations on January 15–16.
- Complaints allege Fermi overstated tenant demand and understated dependence on a single prospective tenant to fund Project Matador.
- Fermi disclosed that the First Tenant terminated an Advance in Aid of Construction on December 11, 2025, and the stock fell more than 33% the next day.
- A case is pending in the Southern District of New York captioned Lupia v. Fermi Inc., et al., No. 1:26-cv-00050.
- Most notices cite a March 6, 2026 lead‑plaintiff deadline tied to an October–December 2025 class period, while Portnoy lists a different date range and a March 2 deadline.