Innventure Faces Securities Class Action Over Disputed DarkNX Data Center Deal

What the lawsuit is about

According to the Hagens Berman announcement, the litigation centers on the accuracy of Innventure's statements about an arrangement between its Accelsius unit and DarkNX, described as a purported global digital infrastructure company. Under the deal, DarkNX would deploy Accelsius' NeuCool technology across a new 300MW AI data center campus in Ontario, Canada.

The company had characterized the project as "the largest two-phase, direct-to-chip deployment to date, signaling a major shift toward large-scale industry adoption of next-generation cooling." It also told investors the project was "proceeding as expected with initial deliveries expected in 2026," the announcement states.

The class period runs from Nov. 17, 2025 to Aug. 13, 2026. The lead plaintiff deadline is Oct. 27, 2026.

Short seller style report and the unraveling

According to Hagens Berman, doubts about the company's account began on May 28, 2026, when forensic research firm Morpheus Research published a report titled "Innventure: The Latest Iteration Of A Decades-Long Grift Propped Up By A Fake 300MW Data Center Deal." The report said there was "zero evidence this project exists or that DarkNX has the team or funding to even contemplate such a project."

The Morpheus report also cited a former Innventure executive, who said management was using "false information" and revenue projections that were "pure fiction" to solicit investments into Accelsius. A former Accelsius employee reportedly said of DarkNX: "we've never heard of the company" and "there's no data center." These are allegations from the Morpheus report as relayed in the law firm's release, and the announcement does not include a response from Innventure to them.

On August 13, 2026, Innventure revealed "that the deployment site identified in the DarkNX purchase order is no longer available," per the announcement. The company then removed the DarkNX project from its internal bookings and suspended its 2026 revenue and cash flow expectations.

Share price impact and the investigation

Hagens Berman says that between May 27, 2026, the day before the Morpheus report, and August 14, 2026, Innventure shares fell $4.795, or 74%. The 55% figure refers to the one day drop on August 14.

"We're focused on whether Innventure may have intentionally or recklessly misled its shareholders about the viability of the DarkNX project," said Reed Kathrein, the Hagens Berman partner leading the investigation.

The firm is urging investors with substantial losses to submit them, and asks people with non-public information about Innventure to consider helping the investigation or using the SEC Whistleblower program. According to the firm, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.

What it means for investors

The announcement is a law firm solicitation, not a court ruling, and it describes an investigation and allegations rather than proven wrongdoing. Investors who held Innventure shares during the class period and suffered substantial losses are the audience, and the Oct. 27, 2026 deadline applies to those seeking to serve as lead plaintiff. The firm lists contact details at www.hbsslaw.com/inv and 844-916-0895.