Fermi Hit With Securities Class Action After $150 Million Tenant Deal Termination

Overview

• The case, Lupia v. Fermi Inc., No. 1:26-cv-00050, is filed in the Southern District of New York and names the company, certain executives, directors, and IPO underwriters.
• Plaintiffs allege Fermi overstated tenant demand for Project Matador and concealed reliance on a single tenant’s conditional Advance in Aid of Construction.
• Fermi disclosed on December 12, 2025 that the First Tenant terminated the up to $150 million construction advance, after which shares fell about 33% to $10.09 and later traded as low as $8.59.
• Claims include alleged violations of Exchange Act Sections 10(b) and 20(a) and Securities Act Sections 11 and 15, covering IPO purchasers and investors through December 11, 2025.
• Multiple law firms are notifying shareholders and soliciting lead-plaintiff motions, with common deadlines set for March 6, 2026 and no rulings on the merits reported.