Berger Montague Advises Fermi Inc. Investors on Securities Fraud Class Action

Deadline approaching for investors to inquire about lawsuit against Fermi Inc. over alleged misrepresentations about Project Matador.

Mar. 6, 2026 at 12:00am

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National plaintiffs' law firm Berger Montague PC has filed a class action lawsuit against Fermi Inc. (NASDAQ: FRMI) on behalf of investors who purchased the company's securities during the period of October 1, 2025 through December 11, 2025. The lawsuit alleges that Fermi misled investors about tenant demand and funding for its flagship 'Project Matador' data center campus.

Why it matters

The lawsuit highlights the risks investors face when companies make alleged misrepresentations about the status of major projects. Fermi's stock price dropped sharply after the company revealed that a key tenant had terminated its funding commitment for Project Matador, underscoring the importance of transparency for publicly traded firms.

The details

The class action lawsuit alleges that Fermi did not disclose that the construction financing for Project Matador was heavily dependent on a single tenant's $150 million funding commitment, nor the significant risk that the tenant could terminate that agreement. On December 12, 2025, Fermi revealed that the first tenant for the Project Matador AI campus had done just that, causing the company's stock price to plummet.

  • The class period covers October 1, 2025 through December 11, 2025, including Fermi's initial public offering on October 1, 2025.
  • On December 12, 2025, Fermi's stock price fell nearly 34% after the company disclosed the tenant's termination of its funding commitment.

The players

Berger Montague PC

A national plaintiffs' law firm that has filed the class action lawsuit against Fermi Inc. on behalf of investors.

Fermi Inc.

A company headquartered in Amarillo, Texas that plans to create a network of large, grid-independent data centers powered by nuclear, natural gas, solar, and battery energy. Its flagship project is 'Project Matador'.

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What they’re saying

“Investors who purchased Fermi securities during the Class Period may, no later than , seek to be appointed as a lead plaintiff representative of the class.”

— Andrew Abramowitz, Attorney, Berger Montague

“To learn your rights, CLICK HERE.”

— Caitlin Adorni, Attorney, Berger Montague

What’s next

The judge will decide on the lead plaintiff representative for the class action lawsuit.

The takeaway

This case highlights the importance of transparency and accurate disclosures by publicly traded companies, especially regarding the status of major projects that are critical to their business. Investors will be closely watching the outcome of this securities fraud lawsuit against Fermi.