Innventure Faces Securities Fraud Class Action Over DarkNX Project Bookings Removal

Innventure, Inc. and certain executives are facing a securities class action lawsuit following a 55% stock price drop in August 2026. The decline was triggered by the company's decision to remove the DarkNX project from its 2026 forecast and suspend revenue guidance.

National shareholder rights firm Hagens Berman is investigating claims that Innventure violated federal securities laws. The litigation centers on Innventure's statements regarding an arrangement with DarkNX, a purported global digital infrastructure company. DarkNX was expected to deploy Accelsius' NeuCool technology across a 300MW AI data center campus in Ontario, Canada.

Innventure had previously described the project as "the largest two-phase, direct-to-chip deployment to date," signaling a major shift toward industry adoption of next-generation cooling. The company assured investors that the DarkNX project was "proceeding as expected with initial deliveries expected in 2026."

However, the company's narrative came into question in May 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 claimed there was "zero evidence this project exists" and cited former executives and employees who allegedly stated management used "false information" and "pure fiction" regarding revenue projections.

The situation escalated on August 13, 2026, when Innventure announced that the deployment site for the DarkNX purchase order was no longer available. Consequently, the company removed the DarkNX project from its internal bookings and suspended its 2026 revenue and cash flow expectations. Between late May and mid-August 2026, Innventure's stock price fell approximately 74%.