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March 6 Lead-Plaintiff Deadline Set in Fermi IPO Securities Suit in SDNY

Plaintiffs say Fermi obscured the risk tied to a single tenant’s conditional $150 million construction advance.

Overview

  • The putative class action, Lupia v. Fermi Inc., No. 1:26-cv-00050, is pending in the Southern District of New York.
  • The complaint asserts Exchange Act Sections 10(b) and 20(a) and Securities Act Sections 11 and 15 on behalf of IPO purchasers and investors through Dec. 11, 2025.
  • Fermi disclosed on Dec. 12, 2025 that its “First Tenant” terminated the construction advance the prior day, and the stock fell about 33% to $10.09.
  • The IPO priced on Oct. 1, 2025 at $21 for roughly 32.5 million shares, with offering materials emphasizing Project Matador and an investment‑grade prospective tenant.
  • Multiple plaintiff firms, including Bleichmar Fonti & Auld, Faruqi & Faruqi, the Schall Law Firm, DJS Law Group, and Hagens Berman, are soliciting investors ahead of the deadline.