A securities fraud class action has been filed against Fermi Inc., certain senior executives and directors, and IPO underwriters in the U.S. District Court for the Southern District of New York. The suit alleges the company overstated tenant demand and misrepresented a key tenant arrangement for its Project Matador energy and AI infrastructure campus, claims that surfaced after the company disclosed the tenant ended a construction funding agreement, triggering a more than 33% one-day stock drop in December 2025. Investors have until March 6, 2026 to seek appointment as lead plaintiff.

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