A securities class action has been filed in the USDC –S.D.N.Y. against Fermi Inc. (FRMI) (“Fermi” or the “Company”) on behalf of all persons and entities that purchased or otherwise acquired Fermi: (a) common stock 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” or the “Offering”); and/or (b) securities between February 26, 2025, and December 11, 2025, the “Class Period”.
Fermi purports to be 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 has no operating history or historical revenue. 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 Complaint alleges that in the Registration Statement and throughout the Class Period, Defendants made materially 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 to which Project Matador would rely on a single tenant’s funding commitment to finance the construction of Project Matador;
(3) there was a significant risk that that 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, thereby harming investors.
The Company’s stock price fell $5.16 per share, or 33.8%, to close at $10.09 on December 12, 2025.
If you purchased Fermi (a) common stock 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” or the “Offering”); and/or (b) securities between February 26, 2025, and December 11, 2025, the “Class Period”., and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.