The legal scrutiny centers on Innventure's promotion of a partnership between its subsidiary, Accelsius, and DarkNX. During the period between November 2025 and August 2026, the company touted the project as a landmark direct-to-chip cooling deployment. Executives assured shareholders that the deal was proceeding as planned, with initial equipment deliveries slated for this year.

Confidence in those claims began to erode on May 28, 2026, when forensic firm Morpheus Research labeled the deal a fabrication. The report cited former employees who stated they had never heard of DarkNX and found no evidence of the purported data center. By August 13, 2026, the company conceded that the identified deployment site was unavailable, leading to the removal of the project from its books and the suspension of its 2026 financial outlook.

Reed Kathrein, a partner at Hagens Berman, stated the investigation is focused on whether management intentionally or recklessly misled investors regarding the viability of the project. The firm has set an October 27, 2026, deadline for lead plaintiff applications, inviting investors who suffered significant losses during the class period to come forward.