The legal action, spearheaded by Hagens Berman, targets the period between November 17, 2025, and August 13, 2026. At the heart of the dispute is the company’s promotion of a deal with DarkNX, a purported infrastructure firm tasked with deploying NeuCool technology in Ontario, Canada. Innventure had previously touted the project as a landmark achievement for direct-to-chip cooling.

Skepticism first emerged in May 2026, when Morpheus Research labeled the deal a "decades-long grift," citing former employees who claimed the project and DarkNX itself were non-existent. The company’s narrative finally disintegrated on August 13, when Innventure admitted the site for the DarkNX deployment was unavailable. By the following day, the stock had cratered 55% in a single session, leading to a total loss of $4.795 per share over the three-month period. Hagens Berman is now seeking investors who suffered significant losses to serve as lead plaintiffs by the October 27, 2026, deadline.