Innventure Faces Class Action Over Alleged Fake DarkNX Data Center Deal

What the lawsuit alleges

The class action covers all persons and entities who purchased or otherwise acquired Innventure securities between November 17, 2025 and August 13, 2026, defined as the Class Period. According to Robbins LLP, Innventure describes itself as an industrial technology commercialization company. It operates primarily through Accelsius Holdings LLC ("Accelsius"), a subsidiary that develops and commercializes two-phase, direct-to-chip liquid cooling solutions for data centers and high-performance computing. The technology is referred to as "NeuCool".

The complaint alleges that the DarkNX venture to build an AI data center campus in Ontario was a fabrication. On November 17, 2025, Innventure announced that Accelsius had entered into an agreement with DarkNX, described as an alleged global digital infrastructure company. Under the deal, DarkNX would deploy NeuCool across a new 300MW campus in Ontario. The first phase was to include two facilities at 65MW, with deployments scheduled for 2026 and 2027.

The plaintiff alleges that defendants failed to disclose three things: that the DarkNX deal was unlikely to come to fruition because no evidence existed of DarkNX constructing or facilitating a large scale AI data center; that Accelsius' 2026 revenue and cash flow targets were therefore overstated; and that positive statements about the business were materially misleading or lacked a reasonable basis.

Two stock drops

The first decline followed a report from Morpheus Research on May 28, 2026, published before the market opened. It alleged the DarkNX project was a fabrication and said there was "zero evidence this project exists or that DarkNX has the team or funding to even contemplate such a project." The report also cited a former Innventure executive who said management used "false information" and revenue projections that were "pure fiction" to solicit investments into Accelsius. On that news, the stock fell $0.54 per share, or 8.42%, to close at $5.87 on May 28, 2026.

The second drop came after Innventure reported second quarter 2026 results on August 13, 2026, after the market closed. The company disclosed a net loss of $34.9 million, compared to $27.8 million in the first quarter of 2026. Its adjusted EBITDA loss was $22.6 million, compared to $18.4 million in the first quarter. Innventure also said it was "suspending [its] previously communicated expectations regarding Accelsius' 2026 revenue and cash flow targets and shifting [its] focus."

In its Form 10-Q filed the same day, the company stated that "the deployment site identified in the DarkNX purchase order is no longer available. Accelsius has removed the DarkNX project from its internal bookings." The stock fell $1.98 per share, or 55%, to close at $1.62 on August 14, 2026.

Lead plaintiff process and what it means for investors

The lead plaintiff is a court-appointed investor who represents the interests of all class members throughout the litigation. Robbins LLP says investors who suffered losses during the Class Period may have legal rights under federal securities laws. The firm says serving as lead plaintiff is not required to share in any potential recovery, and investors who do not seek appointment may remain absent class members if the case proceeds and later resolves successfully.

Robbins LLP says it represents investors on a contingency fee basis, so participating does not cost anything. The firm's release contains an inconsistency: it gives the lead plaintiff deadline as October 27, 2026 in the headline and introduction, but as October 26, 2026 in the section on lead plaintiffs. Investors should confirm the date with the firm or the court docket.

The allegations have not been proven. The claims come from the complaint and from a third-party research report, and the release is promotional material from a law firm. The company's own disclosures, however, confirm that the DarkNX deployment site is no longer available and that the project was removed from Accelsius' bookings.