Hagens Berman Launches Scrutiny of Fermi Inc. Lawsuit After Major Tenant Exit

San Francisco, Feb. 2, 2026 — National shareholder rights law firm Hagens Berman Sobol Shapiro LLP has issued an updated alert to investors in Fermi Inc. (NASDAQ: FRMI) about a pending securities class action lawsuit accusing the company, its top executives and some underwriters of misleading investors ahead of and after its October 2025 IPO. The deadline for lead plaintiff motions is March 6, 2026.

Background: What Triggered the Litigation

The lawsuit stems from revelations that occurred on December 12, 2025, when Fermi disclosed that the first tenant tied to its flagship AI data center development, called Project Matador, had terminated its funding arrangement. The tenant had been expected to supply financing under a $150 million Advance in Aid of Construction Agreement (AICA). Upon this disclosure, Fermi’s stock price sharply declined, wiping out significant investor value.

What Project Matador Represents

Project Matador is a major planned AI infrastructure campus — a multi-gigawatt energy and data center facility that Fermi has promoted as being capable of supporting next-generation artificial intelligence workloads. In the IPO registration materials, the company highlighted strong tenant demand and the tenant’s financial commitment as evidence of market traction for the project.

Key Allegations in the Complaint

The complaint filed in the securities class action alleges several core claims against Fermi and certain of its officers and directors:

1. Misrepresentation of Tenant Demand

Plaintiffs allege that Fermi overstated the level of demand for Project Matador’s capacity in its IPO registration documents in order to attract investors and achieve a higher IPO valuation. The firm is investigating whether these statements created a misleading picture of the project’s commercial prospects.

2. Concealment of Funding Risks

The complaint further contends that Fermi failed to disclose the degree to which Project Matador’s development hinged on the first tenant’s funding commitment. Investors were allegedly not fully informed that the tenant’s financial support was a critical risk factor capable of disrupting the project’s financing and timeline.

3. Termination of the $150M AICA Agreement

According to the lawsuit, the truth about these issues came to light when the tenant terminated the $150 million AICA agreement after its exclusivity period expired. The market reacted strongly: shares of Fermi plummeted roughly 33.8 % in a single trading session following the announcement, and the stock has since traded significantly below its IPO price.

Who Can Be Part of the Class Action?

The proposed class in the Fermi securities class action includes:

• Investors who purchased Fermi common stock in connection with the October 2025 IPO, and/or
• Anyone who acquired Fermi securities between October 1, 2025 and December 11, 2025, inclusive.

These individuals or entities may be eligible to participate in the class action if they experienced losses tied to the decline in share price after the tenant exit was disclosed.

Firm’s Perspective and Next Steps

Reed Kathrein, the partner at Hagens Berman leading the investigation, stated that the firm is examining whether Fermi’s IPO materials “painted an artificial picture of demand to secure financing from investors,” raising concerns about possible securities fraud. Investors who purchased shares during the relevant periods and suffered losses are encouraged to contact the firm before the March 6, 2026 deadline to discuss potential participation.

Investor Outreach and Whistleblower Options

The firm has invited investors with losses traceable to the IPO or open market purchases to report their losses. Additionally, individuals with non-public information about Fermi’s disclosures may qualify for rewards through the U.S. Securities and Exchange Commission’s whistleblower program, which can offer up to 30 % of any successful recovery.

About Hagens Berman

Hagens Berman Sobol Shapiro LLP is a nationally recognized plaintiff litigation firm with experience in prosecuting complex securities fraud class actions. It represents investors, whistleblowers, consumers and others harmed by corporate wrongdoing and has secured billions of dollars in settlements and judgments in such cases.

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