Robbins LLP is Investigating Allegations that Innventure’s DarkNX Venture to Build an AI Data Center Campus in Ontario was a Fabrication

Robbins LLP informs investors that a class action was filed on behalf of all persons and entities who purchased or otherwise acquired Innventure, Inc. (NASDAQ: INV) securities between November 17, 2025 and August 13, 2026 (the "Class Period"). Innventure purports to be an industrial technology commercialization company. Innventure primarily operates through Accelsius Holdings LLC (“Accelsius”), a subsidiary focused on developing and commercializing two-phase, direct-to-chip liquid cooling solutions for data centers and high-performance computing environments, referred to as “NeuCool” technology.

Why Was Innventure Sued?

According to the complaint, on November 17, 2025, Innventure announced Accelsius had entered into an agreement with DarkNX, an alleged global digital infrastructure company, under which DarkNX would deploy Accelsius’ NeuCool technology across a new 300MW AI data center campus in Ontario, Canada, in “the largest two-phase, direct-to-chip deployment to date, signaling a major shift toward large-scale industry adoption of next-generation cooling.” The first phase was to include two facilities at 65MW, with deployments scheduled for 2026 and 2027.

Despite this announcement, plaintiff alleges that during the Class Period defendants failed to disclose to investors that:

(1) Accelsius’ alleged transformative deal with DarkNX was unlikely to come to fruition as no evidence of DarkNX constructing or facilitating a large scale AI data center existed;

(2) as a result, the Company’s stated revenue and cash flow targets for Accelsius in 2026 were overstated; and

(3) therefore, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Why Did Innventure's Stock Drop?

On May 28, 2026, before the market opened, Morpheus Research published a report alleging that Innventure’s DarkNX venture to build an AI data center campus in Ontario was a fabrication. The report revealed there was “zero evidence this project exists or that DarkNX has the team or funding to even contemplate such a project.” Morpheus Research further reported that “[a]ccording to a former Innventure executive, management was using ‘false information’ and revenue projections that were ‘pure fiction’ to solicit investments into Accelsius.” The report quoted multiple former Accelsius employees, who stated, among other things, “we’ve never heard of the company [DarkNX], they don’t have customers, there’s no data center. This isn’t like another known entity … So there’s just a lot of obvious, missing pieces.” On this news, Innventure’s stock price fell $0.54 per share, or 8.42%, to close at $5.87 per share on May 28, 2026.

On August 13, 2026, after the market closed, Innventure reported second quarter 2026 results. Among other items, Innventure disclosed a net loss of $34.9 million, compared to $27.8 million in the first quarter of 2026, and an adjusted EBITDA loss of $22.6 million, compared to $18.4 million in the first quarter of 2026. The Company also announced it is “suspending [its] previously communicated expectations regarding Accelsius’ 2026 revenue and cash flow targets and shifting [its] focus.”

On the same day, Innventure filed its quarterly report on Form 10-Q with the SEC, disclosing that “the deployment site identified in the DarkNX purchase order is no longer available. Accelsius has removed the DarkNX project from its internal bookings.” On this news, Innventure’s stock price fell $1.98 per share, or 55%, to close at $1.62 per share on August 14, 2026.

Who May Be Eligible to Participate

The lawsuit seeks to represent investors who purchased or otherwise acquired Innventure, Inc. securities during the applicable Class Period. If you purchased Innventure, Inc. during this period and suffered investment losses, you may have rights under the federal securities laws. Submit a form for Information.

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