Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Fermi Inc. (NASDAQ: FRMI), certain of the Company’s senior executives and directors, and underwriters of Fermi’s Initial Public Offering after a significant stock drop resulting from potential violations of the federal securities laws.

If you invested in Fermi, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/fermi-inc-class-action-lawsuit.

Investors have until March 6, 2026, to ask the Court to be appointed to lead the case. The complaint asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Fermi securities, as well as claims under Sections 11 and 15 of the Securities Act of 1933 on behalf of investors who purchased or acquired Fermi common stock pursuant and traceable to the Company’s Initial Public Offering. The case is pending in the U.S. District Court for the Southern District of New York and is captioned Lupia v. Fermi Inc., et al., No. 1:26-cv-00050.

Why is Fermi Being Sued for Violations of the Federal Securities Laws?

Fermi is an energy and AI infrastructure company that purportedly intends to build multiple, large scale nuclear reactors to support its own network of large, grid-independent data centers powered by nuclear and other energy to power AI companies. Fermi’s first project is Project Matador, its flagship, first-of-its kind energy and AI infrastructure campus designed to provide dedicated power for AI workloads.

Fermi completed its IPO in October 2025. In the IPO Registration Statement, Fermi represented that it “entered into a letter of intent . . . with an investment grade-rated tenant (the ‘First Tenant’) to lease a portion of the Project Matador Site . . . for an initial lease term of twenty years.” The Company also represented there was strong demand for Project Matador and that construction of the facility would be funded by “tenant payments” and “lease agreements.” Following the IPO, Fermi announced that the First Tenant entered into an Advance in Aid of Construction Agreement, through which it would advance up to $150 million to Fermi to fund Project Matador construction costs.

As alleged, in truth, Fermi overstated tenant demand for Project Matador and misrepresented the agreement with the First Tenant.

Why did Fermi’s Stock Drop?

On December 12, 2025, Fermi disclosed that “[o]n December 11, 2025, the First Tenant notified the Company that it is terminating the [Advance of Aid of Construction Agreement]” after “[t]he exclusivity period set forward in the letter of intent expired.” Fermi also stated that it had “commenced discussions with several other potential tenants” and “continue[s] to negotiate the terms of a lease agreement at Project Matador” with the First Tenant. This news caused the price of Fermi stock to drop $5.16 per share, or more than 33%, from a closing price of $15.25 per share on December 11, 2025, to $10.09 per share on December 12, 2025.

Click here for more information: https://www.bfalaw.com/cases/fermi-inc-class-action-lawsuit.

What Can You Do?

If you invested in Fermi, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/fermi-inc-class-action-lawsuit

Or contact:

Ross Shikowitz

ross@bfalaw.com

212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/fermi-inc-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

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– Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Fermi Inc. (NASDAQ: FRMI), certain of the Company’s senior executives and directors, and underwriters of Fermi’s Initial Public Offering.