FRMI ALERT: Hagens Berman Scrutinizing Suit Against Fermi (FRMI) Over Alleged $150M Anchor Tenant Exit

FRMI Investors with Losses Encouraged to Contact the Firm

San Francisco, California--(Newsfile Corp. - February 13, 2026) - National shareholder rights law firm Hagens Berman is issuing an updated notice to investors in Fermi Inc. (NASDAQ: FRMI) regarding the March 6, 2026, lead plaintiff deadline in a pending securities class action against Fermi, certain of Fermi's top executives and directors, and underwriters of Fermi's Initial Public Offering (IPO).

CLICK HERE TO SUBMIT YOUR FRMI LOSSES

The litigation alleges that Fermi misrepresented the demand for its flagship "Project Matador"—a massive AI data center campus-and the stability of its primary anchor tenant. The complaint alleges that Defendants' misstatements were allegedly revealed on Dec. 12, 2025, when Fermi disclosed that the first tenant for its anticipated Project Matador AI campus had terminated its $150 million Advance in Aid of Construction Agreement (AICA), which would have supplied construction costs for the facility. On this news, the price of Fermi stock fell nearly 34%, according to the complaint.

Click here to visit Hagens Berman's FRMI Case Page
Click here to view Hagens Berman's video summarizing Hagens Berman's investigation.

"We are investigating whether Fermi's IPO materials painted an artificial picture of demand to secure financing from investors," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation of the alleged claims.

The Fermi Inc. (FRMI) Securities Class Action's Allegations: The Project Matador Illusion and Anchor Tenant Risk

The pending litigation alleges that Fermi and its executives issued misleading statements regarding the viability of its core infrastructure project:

• Overstated Tenant Demand: The complaint alleges that Fermi's IPO registration statement inflated the actual demand for Project Matador's multi-gigawatt capacity to attract high-valuation multiples.
• Concealed Tenant Risks: The complaint alleges that Defendants misrepresented and omitted to disclose the extent to which Project Matador would rely on a single tenant's funding commitment to finance the construction of Project Matador, and that there was a significant risk that the tenant would terminate its funding commitment.

• The $150M AICA Termination: On Dec. 12, 2025, Fermi stunned the market by announcing that the First Tenant had terminated the AICA agreement after the exclusivity period expired. Following this announcement, Fermi's stock price plummeted 33.8% in a single day. By the commencement of the Fermi class action lawsuit, the price of Fermi stock has traded as low as $8.59 per share, a 59% decline from the $21.00 per share IPO price.

• Dual Pronged Class: The Fermi class action lawsuit seeks to represent purchasers or acquirers of Fermi Inc. (NASDAQ: FRMI): (i) common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with Fermi's Oct. 2025 IPO; and/or (ii) securities between Oct. 1, 2025 and Dec. 11, 2025, inclusive (the "Class Period").

Next Steps: Contact Partner Reed Kathrein Today