Innventure Faces Class Action Lawsuit Following DarkNX Deal Collapse

The complaint, filed in the U.S. District Court for the Southern District of New York under the caption Labed v. Innventure, Inc. et al., alleges that the industrial technology firm misled shareholders regarding the viability of its Accelsius subsidiary. Innventure had heavily promoted a deal with DarkNX to deploy 'NeuCool' liquid cooling technology across a 300MW data center campus in Ontario, Canada, citing it as a cornerstone for future revenue growth and cash flow.

Skepticism first emerged on May 28, 2026, when a report by Morpheus Research questioned the existence of the DarkNX project, citing a lack of evidence regarding funding, personnel, or customers. While the stock initially dipped 8.42% following that report, the full collapse occurred on August 14, 2026. After market close the previous day, Innventure admitted that the deployment site was unavailable and removed the project from its internal bookings, leading to a 55% drop in share price from $3.60 to $1.62.

The class action, brought by the law firm Bleichmar Fonti & Auld LLP, asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The suit contends that defendants failed to disclose the lack of substance behind the DarkNX agreement while projecting that Accelsius would reach cash flow positivity by the end of 2026.