Fermi IPO Lawsuits Set March 6 Lead Plaintiff Deadline in SDNY

Investors accuse the AI infrastructure developer of downplaying its dependence on a single tenant’s $150 million construction advance, a risk that came to light with a one-day share plunge in December.

Overview

Multiple firms are soliciting applicants to lead the consolidated case captioned Lupia v. Fermi Inc., No. 26-cv-00050, pending in the Southern District of New York.
Complaints allege Fermi overstated tenant demand for its Project Matador AI campus and failed to disclose reliance on an at‑risk $150 million Advance in Aid of Construction from a prospective anchor tenant.
Fermi disclosed on Dec. 12, 2025 that the tenant had terminated the funding agreement, and the stock fell roughly 33–34% that day to about $10.09 per share.
The putative class covers IPO purchasers and investors who bought between Oct. 1 and Dec. 11, 2025, with claims asserted under the Securities Act of 1933 and the Exchange Act of 1934 against the company, certain executives and directors, and IPO underwriters.
In its October 2025 offering, Fermi sold 37,375,000 shares at $21.00 each, and subsequent filings note the stock has traded as low as $8.59 since the disclosure.