Fermi Inc. disclosed in a regulatory filing that it received a subpoena from a U.S. District Court. The request seeks documents related to the company's Project Matador data center development in Texas. Investigators also requested information regarding former members of the company's management team.
The Securities and Exchange Commission (SEC) issued a parallel request for documents. Fermi shares traded significantly lower during Monday's session following the disclosure.
The probes introduce major legal and regulatory risks for the prominent data center firm. Fermi has previously faced controversy regarding its leadership and ability to secure customers.