Innventure, Inc. NASDAQ: INV

A securities class action has been filed on behalf of investors who purchased or otherwise acquired Innventure, Inc. (“Innventure” or the “Company”) (NASDAQ: INV) securities between November 17, 2025 and August 13, 2026, inclusive (the “Class Period”). Innventure is an industrial technology commercialization company operating primarily through its subsidiary Accelsius Holdings LLC (“Accelsius”), which develops direct-to-chip liquid cooling technology (“NeuCool”) for data centers and high-performance computing.

On November 17, 2025, Innventure announced that Accelsius had entered an agreement with DarkNX, described as a global digital infrastructure company, under which DarkNX would deploy NeuCool technology across a new 300MW AI data center campus in Ontario, Canada — what the Company called “the largest two-phase, direct-to-chip deployment to date.” The first phase was to include two 65MW facilities, with deployments scheduled for 2026 and 2027.

The complaint alleges that throughout the Class Period, defendants failed to disclose that: (1) Accelsius's transformative deal with DarkNX was unlikely to come to fruition, as no evidence existed that DarkNX was constructing or facilitating a large-scale AI data center; (2) as a result, Innventure's stated 2026 revenue and cash flow targets for Accelsius were overstated; and (3) as a result, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On May 28, 2026, before markets opened, Morpheus Research published a report alleging the DarkNX venture was a fabrication, stating there was “zero evidence this project exists or that DarkNX has the team or funding to even contemplate such a project,” and quoting former Accelsius employees who said they had never heard of DarkNX and that “there's no data center.” On this news, Innventure's stock fell $0.54 per share, or 8.42%, to close at $5.87 on May 28, 2026.

The picture worsened further on August 13, 2026, after the market closed, when Innventure reported second-quarter 2026 results disclosing a net loss of $34.9 million (up from $27.8 million in Q1) and suspended its previously communicated 2026 revenue and cash flow targets for Accelsius. In its Form 10-Q filed the same day, Innventure disclosed that “the deployment site identified in the DarkNX purchase order is no longer available” and that Accelsius had removed the DarkNX project from its internal bookings. On this news, Innventure's stock fell $1.98 per share, or 55%, to close at $1.62 on August 14, 2026.