Overview

A class action lawsuit has been filed against Fermi Inc., (“Fermi,” or the “Company”) (NYSE : FRMI) and certain of the Company’s senior executive officers (collectively, “Defendants”) alleging violations of federal securities laws. The Fermi lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Fermi securities: (1) between October 1, 2025, and December 11, 2025, both dates inclusive (the “Class Period”); and/or (2) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s October 2025 initial public offering (“IPO”). Investors have until March 6, 2026, to seek appointment as lead plaintiff of the Fermi class action lawsuit.

Fermi is an energy and artificial intelligence (“AI”) infrastructure company. The Company is structured as a real estate investment trust (“REIT”). The Company allegedly aims to build multiple, large scale nuclear reactors and create its own network of large, grid-independent data centers, powered by a mix of nuclear, natural gas, solar, and battery energy, targeted at artificial intelligence. The Company’s first project, Project Matador, purportedly aims to create the world’s largest private energy campus, providing dedicated power for AI workloads.

The lawsuit alleges Fermi made false and/or misleading statements as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the Company overstated its tenant demand for its Project Matador campus; (2) the extent of which Project Matador would rely on a single tenant’s funding commitment to finance the constructions of Project Matador; (3) there was a significant risk that the tenant would terminate its funding commitment; and (4) as a result of the foregoing, Defendants’ positive statements about  the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. According to the lawsuit, when the true details entered the market, investors suffered damages.

The truth was revealed on December 12, 2025, when Fermi revealed the first tenant for the Company’s anticipated Project Matador AI campus had terminated its $150 million Advance in Aid of Construction Agreement, which would have supplied construction costs for the facility.  On this news, the Company’s stock price fell $5.16 per share, or nearly 34%, to close at $10.09 on December 12, 2025.  Furthermore, on the day the lawsuit was filed, Fermi stock closed at $8.68 per share, down 58% from the $21.00 per share IPO price.

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If you purchased or otherwise acquired Fermi securities between October 1, 2025 and December 11, 2025, or pursuant and/or traceable to the Registration Statement, and you wish to serve as lead plaintiff in this lawsuit, you are encouraged to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt attorneys Brian O’Mara or Hani Farah by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Fermi lawsuit is March 6, 2026.