Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Fermi Inc. (FRMI)
NEW YORK, Jan. 06, 2026 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Fermi Inc. (“Fermi” or the “Company”) (NASDAQ: FRMI) (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 October 1, 2025 and December 11, 2025, inclusive (the “Class Period”).
The Complaint alleges that in the Registration Statement and throughout the Class Period, 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.
The Complaint further alleges that on December 12, 2025, before the market opened, 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 33.8%, to close at $10.09 on December 12, 2025, on unusually heavy trading volume.
Investors who purchased or otherwise acquired shares of Fermi should contact the Firm prior to the March 6, 2026 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
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