NEW YORK--(BUSINESS WIRE)--Jan 6, 2026--
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Fermi Inc. (“Fermi” or the “Company”) (NASDAQ: FRMI) and reminds investors of the March 6, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (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.
On October 1, 2025, Fermi completed its initial public offering of approximately 32.5 million shares of common stock at $21.00 per share. The Company’s registration statement emphasized its plans to develop a large electric generation campus for AI data centers and identified an investment-grade “First Tenant” for its Project Matador site. The registration statement stated that, on September 19, 2025, Fermi had entered into a letter of intent with the First Tenant to lease a portion of the site on a triple-net basis for an initial twenty-year term, with four five-year renewal options.
In November 2025, the Company further announced that the First Tenant had entered into an Advance in Aid of Construction Agreement agreeing, subject to conditions, to advance up to $150 million toward construction costs.
On December 12, 2025, Fermi disclosed that the First Tenant had terminated the AICA the prior day, eliminating a key funding arrangement for the Project. Although Fermi stated that lease negotiations continued under the letter of intent, the market reacted negatively, and Fermi’s stock price fell more than 33%, closing at $10.09 per share, well below the IPO price.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Fermi’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Fermi class action, go to www.faruqilaw.com/FRMI or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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DEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Fermi
NEW YORK (AP) — Wall Street’s hot start to the year is cooling a bit on Wednesday.
The S&P 500 rose 0.1%, adding to its latest all-time high. Roughly 70% of stocks within the benchmark index were losing ground though, and the gains were coming mainly from several influential technology companies.
The Dow Jones Industrial Average dropped 217 points, or 0.4%, from its own record set the day before, while the technology-heavy Nasdaq composite was up 0.6%, as of 1:20 p.m. Eastern time.
Nvidia rose 1.6% and Microsoft jumped 2%. They were among several technology stocks with outsized valuations that helped counter broader losses throughout the market.
Cal-Maine Foods fell 3.4% for one of the stock market’s bigger losses, even though the egg company reported a stronger profit for the latest quarter than analysts expected. Lower prices for eggs dragged the company’s revenue down by more than expected.
But moves were quiet across much of the rest of the U.S. stock market, including for Warner Bros. Discovery after it again rejected a buyout bid from Paramount and told its shareholders to stick with a rival offer from Netflix.
Warner Bros. Discovery rose 0.5%, while Paramount Skydance slipped 0.7% and Netflix edged up by 0.4%.
In the oil market, crude prices fell after President Donald Trump said that Venezuela would provide 30 million to 50 million barrels of oil to the United States. A barrel of benchmark U.S. crude dropped 2.2% to $55.87. Brent crude, the international standard, fell a more modest 1.4% to $59.84 per barrel.
Any additional oil flowing from Venezuela into the global system would push down on crude prices by increasing their supplies. Prices for oil have swung this week following Trump’s weekend ouster of the president of Venezuela, which is likely sitting on some of the largest deposits of oil in the world.
Oil prices had already fallen back to where they were in 2021, before Trump's move against Venezuela, because of expectations of plentiful supplies. To pull much more oil from Venezuela's ground, though, would likely require big investments to improve aging infrastructure.
In the bond market, Treasury yields swung following several mixed reports on the U.S. economy. One of the most impactful said that growth for U.S. retailers, finance companies and other businesses in the services sectors accelerated by more last month than economists expected.
Not only that, the report from the Institute for Supply Management also said that a measure of inflation eased to its lowest level since March.
To be sure, company executives are still saying they're feeling pressures from inflation and an uncertain economy. “In general, business is flat,” one business in the agriculture, forestry, fishing and hunting industry told the ISM. “Value brands are still experiencing higher demand. But premium brands struggle to maintain market share.”
But any improvements will nevertheless sound good to officials at the Federal Reserve, who are trying to shore up the job market while pushing down on inflation, which has stubbornly remained above the Fed's 2% target.
Separate reports Thursday on the job market offered a mixed view. One said that employers cut back on the number of job openings they were advertising, while a second suggested that employers outside of the government added 41,000 more jobs last month than they cut.
A much more comprehensive look at the health of the U.S. job market will arrive on Friday.
The yield on the 10-year Treasury fell to 4.14% from 4.18% late Tuesday following Wednesday's economic reports. But the two-year yield, which more closely tracks expectations for what the Fed will do, held at 3.47% from late Tuesday.
The hope on Wall Street is that the economy remains solid enough to avoid a recession but not so strong that it keeps the Federal Reserve from cutting interest rates. The Fed cut its main interest rate three times last year to shore up the slowing job market, but it’s indicated fewer cuts may be ahead because inflation remains high.
In stock markets abroad, indexes were mixed among some sharp moves across Europe and Asia.
Indexes dropped 0.7% in London, 0.9% in Hong Kong and 1.1% in Tokyo, while rising 0.6% in Seoul.
AP Business Writers Yuri Kageyama and Matt Ott contributed.
Options trader Joseph D'Arrigo works on the floor of the New York Stock Exchange, Wednesday, Jan. 7, 2026. (AP Photo/Richard Drew)
Joseph Stevens works on the floor at the New York Stock Exchange in New York, Tuesday, Jan. 6, 2026. (AP Photo/Seth Wenig)
Anthony Spina works on the floor at the New York Stock Exchange in New York, Tuesday, Jan. 6, 2026. (AP Photo/Seth Wenig)
Steven Rodriguez works on the floor at the New York Stock Exchange in New York, Tuesday, Jan. 6, 2026. (AP Photo/Seth Wenig)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Jan. 7, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
People walk in front of an electronic stock board showing Japan's stock prices at a securities firm Wednesday, Jan. 7, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Jan. 7, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Jan. 7, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
