Fermi Investors Have Until March 6 to Seek Lead Role in SDNY Securities Class Action

Overview

• The case, Lupia v. Fermi Inc., No. 1:26-cv-00050, is pending in the Southern District of New York against the company, certain executives, directors, and IPO underwriters.
• Plaintiffs assert Exchange Act Sections 10(b) and 20(a) claims and Securities Act Sections 11 and 15 claims covering IPO purchasers and investors who bought between October 1 and December 11, 2025.
• The complaint alleges Fermi overstated tenant demand for Project Matador and failed to disclose the extent of reliance on a single tenant’s Advance in Aid of Construction of up to $150 million and the risk of its termination.
• Fermi reported on December 12, 2025 that the “First Tenant” ended the funding agreement the prior day, and the stock fell more than 33% to $10.09 from $15.25.
• Plaintiff firms including Faruqi & Faruqi, Bleichmar Fonti & Auld, and the Schall Law Firm are soliciting investors as the case remains at the lead‑plaintiff stage with no merits rulings reported.