Investors in Fermi Inc. (NASDAQ: FRMI) are being encouraged to join a class action lawsuit following significant losses tied to the company’s initial public offering (IPO) and subsequent disclosures. The national shareholder rights firm Hagens Berman announced a lead plaintiff deadline of March 6, 2026, for those who purchased Fermi securities between October 1, 2025, and December 11, 2025.
Allegations of Misleading Information
The class action case, styled Lupia v. Fermi Inc., et al., is based on claims that Fermi’s IPO materials and later communications misrepresented key aspects related to tenant demand and funding for its flagship project, Project Matador. This ambitious development is designed to support growing requirements for artificial intelligence and includes a multi-gigawatt energy and data center.
Initially, Fermi emphasized an agreement with an investment-grade “First Tenant” for a significant portion of the site, highlighted by a $150 million Advance in Aid of Construction Agreement (AICA). However, on December 12, 2025, the company shocked investors by announcing the termination of this agreement after the exclusivity period expired. Following this news, Fermi’s stock price dropped 33.8% in a single day, closing at $10.09 per share, which was more than 50% below its initial IPO price of $21.00.
Reed Kathrein, a partner at Hagens Berman leading the investigation, stated, “We are investigating whether Fermi management was transparent about the actual status of Project Matador.” The implications of this case are significant for investors who may have relied on the company’s representations during the IPO process.
Details for Affected Investors
Investors who purchased Fermi shares during the specified period and incurred substantial losses are urged to contact Hagens Berman to discuss their eligibility to participate in the class action. Those interested can submit their trading information through the firm’s secure portal or reach out directly via email at [email protected].
The lawsuit raises important questions about corporate accountability and the integrity of financial disclosures. Investors are reminded that the deadline for petitioning to be appointed as lead plaintiff is March 6, 2026.
For individuals with non-public information regarding Fermi, there are options available to assist in the investigation or to participate in the SEC Whistleblower Program. Whistleblowers providing original information may be eligible for rewards up to 30% of any successful recovery made by the SEC.
Hagens Berman, known for its focus on corporate accountability, has secured over $2.9 billion in recoveries for investors and other groups harmed by corporate misconduct. The firm continues to advocate for transparency and accountability in the corporate sector, offering avenues for affected individuals to seek justice.
For further information on the case, investors are encouraged to follow Hagens Berman on social media or visit their website for updates.
