Fermi Securities Fraud Investigation

A class action lawsuit has been filed against Fermi Inc. (NASDAQ: FRMI) on behalf of investors who purchased or otherwise acquired Fermi securities during the period of October 1, 2025 through December 11, 2025 (the “Class Period”), including in the Company’s initial public offering on October 1, 2025.

Investor Deadline: Investors who purchased Fermi securities during the Class Period may, no later than March 6, 2026, seek to be appointed as a lead plaintiff representative of the class. To learn your rights, contact Berger Montague.

Fermi, headquartered in Amarillo, Texas, plans to create a network of large, grid-independent data centers powered by nuclear, natural gas, solar, and battery energy. Fermi’s flagship project, “Project Matador,” is intended to establish the world’s largest private energy campus, furnishing dedicated power for AI data centers.

The lawsuit alleges that during the Class Period, defendants misled investors regarding tenant demand for the Company’s Project Matador campus and the status of funding for that project. The complaint further alleges that defendants did not disclose that Project Matador’s construction financing depended heavily on a single tenant’s funding commitment, nor the significant risk that the tenant could terminate that commitment. 

On December 12, 2025, Fermi revealed that the first tenant for the Project Matador AI campus had terminated its $150 million Advance in Aid of Construction Agreement, which would have supplied construction costs for the facility. In response, Fermi shares fell $5.16 per share, or nearly 34%, to close at $10.09 per share on December 12, 2025.  

If you are a Fermi investor and would like to learn more about this action, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bergermontague.com or (215) 875-3015, or Caitlin Adorni at cadorni@bergermontague.com or (267)764-4865.