Innventure Faces Securities Class Action Over Disputed DarkNX Data Center Deal

What the lawsuit alleges

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

The company 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." During the class period, Innventure also assured investors that the project was "proceeding as expected with initial deliveries expected in 2026," the law firm says.

The class period runs from Nov. 17, 2025 to Aug. 13, 2026. The lead plaintiff deadline is Oct. 27, 2026. Hagens Berman is investigating whether Innventure violated federal securities laws and is encouraging investors with substantial losses to come forward.

The short seller report and the unraveling

The company's narrative began to come into question 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." According to the Morpheus report, 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 was using "false information" and revenue projections that were "pure fiction" to solicit investments into Accelsius. A former Accelsius employee, asked about DarkNX, reportedly said "we've never heard of the company" and "there's no data center." These are claims from the Morpheus report as relayed by Hagens Berman, not established findings.

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

Share price impact and investigation

Hagens Berman says that between May 27, 2026, the day before the Morpheus report, and August 14, 2026, Innventure shares fell by $4.795, or 74%. The 55% figure refers to the single-day decline 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 firm's investigation.

The firm also invited 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 case is at an early stage. The release describes an investigation and a lawsuit, and the allegations have not been tested in court. Investors who held Innventure shares during the class period and suffered losses are the group the firm is addressing, and the Oct. 27, 2026 deadline applies to those seeking to serve as lead plaintiff.

The release is attorney advertising from Hagens Berman, which says it represents investors and whistleblowers and has secured more than $2.9 billion in this area of law. It also notes that prior results do not guarantee a similar outcome in any future case.