Robbins LLP has opened a securities class action investigation into Innventure Inc. over allegations that its DarkNX AI data center venture in Ontario was fabricated. The class period runs from November 17, 2025 to August 13, 2026, with a lead plaintiff deadline of October 27, 2026.
Robbins LLP opened a securities class action probe into Innventure over its alleged fabricated 300MW DarkNX AI data center deal.
"We're focused on whether Innventure may have intentionally or recklessly misled its shareholders about the viability of the DarkNX project," Reed Kathrein, partner at Hagens Berman, said. Hagens Berman is one of several firms — including Pomerantz LLP, Faruqi & Faruqi and Kaplan Fox — that have announced investigations or filed claims tied to the same allegations.
The case stems from a Nov. 17, 2025 announcement that Accelsius, Innventure's primary subsidiary, had agreed with DarkNX to deploy its NeuCool cooling technology across a 300MW AI data center campus in Ontario, Canada. Innventure described the project as "the largest two-phase, direct-to-chip deployment to date," a deal that would have positioned Accelsius at the center of the AI data center cooling market. On May 28, 2026, forensic research firm Morpheus Research published a report asserting there was "zero evidence this project exists," quoting former Accelsius employees who said they had "never heard of the company" and that revenue projections were "pure fiction." Innventure shares fell 8.42 percent to $5.87 that day on unusually heavy volume.
On Aug. 13, Innventure reported a $34.9 million net loss for the second quarter, wider than the $27.8 million loss in the first quarter, and an adjusted EBITDA loss of $22.6 million. The company also disclosed in its Form 10-Q that "the deployment site identified in the DarkNX purchase order is no longer available" and that Accelsius had removed the project from internal bookings. Innventure suspended its 2026 revenue and cash flow targets for Accelsius. Shares plunged 55 percent to $1.62 the following day.
Between May 27 and Aug. 14, Innventure shares fell $4.795, or 74 percent. The class action covers investors who purchased securities from Nov. 17, 2025 through Aug. 13, 2026. Investors seeking to serve as lead plaintiff must file motions by Oct. 27, 2026. The court-appointed lead plaintiff — the investor with the largest financial interest in the relief sought — will direct the litigation on behalf of the class.
The alleged fabrication raises questions about Innventure's commercialization model, which relies on identifying and scaling industrial technologies through subsidiaries like Accelsius. Innventure purports to be an industrial technology commercialization company, and the DarkNX deal was central to its growth narrative for Accelsius. The Oct. 27 lead plaintiff deadline will determine which investor steers the case, and any recovery would be distributed among class members who purchased during the class period.
This article is for informational purposes only and does not constitute investment advice.
