Fermi Sued in SDNY After $150 Million Project Matador Funding Is Terminated
The case centers on claimed misstatements about Project Matador financing with a March 6 deadline for investors to seek lead status.
Overview
- A securities class action, Lupia v. Fermi Inc., No. 1:26-cv-00050, is pending in the Southern District of New York against Fermi, certain executives, directors, and IPO underwriters.
- Plaintiffs allege the company overstated tenant demand and failed to disclose reliance on a single tenant’s construction advance for its flagship campus.
- Fermi disclosed on Dec. 12, 2025 that the First Tenant terminated a $150 million Advance in Aid of Construction, and the stock fell about 33% to $10.09.
- Claims are brought under Sections 10(b) and 20(a) of the Exchange Act and Sections 11 and 15 of the Securities Act tied to the October 2025 IPO.
- Investor notices from Bleichmar Fonti & Auld, Pomerantz, and the Shareholders Foundation invite shareholders to consider participation, with a March 6, 2026 lead‑plaintiff deadline.