I tend to perform all of my validation in the constructor. This is a must because I almost always create immutable objects. For your specific case I think this is acceptable.
if (string.IsNullOrEmpty(text))
throw new ArgumentException("message", "text"nameof(text));
If you are using .NET 4 you can do this. Of course this depends on whether you consider a string that contains only white space to be invalid.
if (string.IsNullOrWhiteSpace(text))
throw new ArgumentException("message", "text"nameof(text));