FRMI INVESTOR ALERT: Hagens Berman Notifies Fermi Inc. (FRMI) Investors of March 6 Deadline in Project Matador Securities Class Action

FRMI Investors with Losses Encouraged to Contact the Firm

SAN FRANCISCO, Jan. 15, 2026 /PRNewswire/ -- National shareholder rights firm Hagens Berman is notifying investors in Fermi Inc. (NASDAQ: FRMI) of the upcoming March 6, 2026, lead plaintiff deadline in a pending securities class action. Hagens Berman is investigating the alleged claims that Fermi IPO materials and subsequent disclosures misled investors regarding tenant demand and funding for its flagship "Project Matador" AI campus.

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Investors who purchased Fermi (FRMI) securities pursuant and/or traceable to the company's October 2025 IPO, or between Oct. 1, 2025, and Dec. 11, 2025, and suffered significant losses are encouraged to contact the firm.

View our latest video summary of the allegations: youtu.be/DMJ3xNvhVPQ

Fermi Case Summary at a Glance

The Fermi Inc. (FRMI) Securities Class Action's Allegations:

The lawsuit, styled Lupia v. Fermi Inc., et al., No. 1:26-cv-00050 (S.D.N.Y.), centers on Fermi's "Project Matador," which the company billed as a multi-gigawatt energy and data center development campus designed to support the accelerating needs of AI. In its IPO materials, Fermi highlighted an agreement with an investment-grade "First Tenant" to lease a portion of the site, including a $150 million Advance in Aid of Construction Agreement (AICA).

On Dec. 12, 2025, Fermi stunned the market by announcing that the First Tenant had terminated the AICA agreement after the exclusivity period expired. Following this announcement, Fermi's stock price plummeted 33.8% in a single day, falling to $10.09 per share—more than 50% below its $21.00 IPO price.

"We are investigating whether Fermi management was transparent about the actual status of the Project Matador," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation of the alleged claims.

Frequently Asked Questions (FAQs)

What is the Fermi (FRMI) class action lawsuit about? The lawsuit alleges that Fermi Inc. misrepresented the demand for its Project Matador AI campus and failed to disclose the high risk that its primary anchor tenant would terminate its $150 million funding commitment.

How did the "First Tenant" exit allegedly affect Fermi stock? The suit alleges that the termination of the $150 million agreement removed a critical source of construction financing, leading to a massive 33% stock drop on December 12, 2025, as investors recalibrated the execution risk of Project Matador.

What is the lead plaintiff deadline for FRMI? The deadline to petition the court to be appointed as lead plaintiff is March 6, 2026.

How can I contact Hagens Berman about its Fermi investigation and the role of the lead plaintiff? Investors can submit their trading information via [Hagens Berman's secure portal] or contact the legal team directly at [email protected].

If you'd like more information and answers to frequently asked questions about the Fermi case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding Fermi should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

SOURCE Hagens Berman Sobol Shapiro LLP