US law firm Robbins Geller Rudman & Dowd is investigating Fermi America, the developer of the up to 11GW mega data center campus in Amarillo, Texas.

The law firm said that it is investigating the company over potential violations of federal securities laws following the collapse of an anchor tenant agreement tied to the project.

Fermi announced that it had signed a non-binding letter of intent (LOI) with an unnamed “investment grade-rated tenant” to be the first customer at the campus in September.

According to reports, the deal was valued at $150 million. However, a statement from the firm earlier this month stated that the exclusivity period detailed in the LOI had now expired and that the potential tenant had terminated the agreement, though discussions continue over a lease for data center space on the campus.

Fermi subsequently denied that Amazon was the tenant that canceled the contract. The denial followed a report from Business Insider, which said that Fermi CEO Toby Neugebauer told the publication that Amazon was the tenant during a phone call.

Following the announcement, Fermi’s share price fell by more than 33 percent, closing at $10.09, well below its IPO price.

Robbins Geller said its investigation will focus on whether Fermi and certain executives made misleading statements or failed to disclose material information to investors related to the tenant agreement and associated funding. The firm is seeking information from investors who may have suffered losses.

Fermi, a company co-founded by former Texas governor and energy secretary Rick Perry, is planning to develop a massive 11GW data center and energy campus near Amarillo in Texas on land owned by the Texas Tech University system. If realized, Project Matador will span 18 million sq ft (1.67 million sqm) and would utilize a combination of on-site energy sources, including natural gas, solar, wind energy, and nuclear energy.

Despite having no data centers in operation and little experience in the sector within its executive team, the company raised $682 million in an October IPO that valued the business at $15 billion.