Absolutely. There are many children who are excellent students who do not do their work for the simple reason that they fear getting anything but an A.
They may see a B as a failure or may fear that others will not think they are smart if they do not get an A. Therefore, to avoid this, they may not do any of their work and may wind up receiving all Fs.
Even though they get failing grades, they may take comfort in the fact that the grades are due to their not doing the work instead of a reflection of the fact that someone did not think the work that they did was of enough quality to receive an A.
If this is the reason your son is failing, you should consider taking him to a therapist.