Fermi Faces SDNY Securities Class Action Over IPO Disclosures as March 6 Lead-Plaintiff Deadline Nears

Overview

• The putative class action, captioned Lupia v. Fermi Inc., No. 1:26-cv-00050 (S.D.N.Y.), covers investors who bought shares in the October 2025 IPO or between October 1 and December 11, 2025.
• Complaints contend Fermi overstated demand for its Project Matador AI campus and understated its reliance on a single prospective tenant’s construction funding.
• Fermi disclosed on December 12, 2025 that the tenant terminated a $150 million Advance in Aid of Construction agreement, after which shares fell about 34% to $10.09.
• Multiple national plaintiffs’ firms, including Hagens Berman, Bragar Eagel & Squire, Glancy Prongay & Murray, Faruqi & Faruqi, The Schall Law Firm, The Gross Law Firm, Bernstein Liebhard, and Berger Montague, are seeking investors for lead-plaintiff roles.
• The suit asserts violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 related to Fermi’s October 1, 2025 IPO of roughly 32.5 million shares at $21.