The complaint, Labed v. Innventure, Inc. et al., alleges that the company misrepresented the viability of a deal between its subsidiary, Accelsius, and DarkNX. Innventure had previously touted the agreement as a milestone for its NeuCool liquid cooling technology, projecting that the project would drive the subsidiary toward cash flow positivity by the end of 2026. However, plaintiffs contend that the company failed to disclose that the 300MW Ontario data center project lacked any underlying evidence of existence, funding, or construction.

Market skepticism surfaced on May 28, 2026, when Morpheus Research published a report claiming the DarkNX venture was a fabrication, which triggered an initial 8.42% drop in Innventure’s share price. The situation intensified on August 13, 2026, when the company abruptly suspended its financial targets and admitted the DarkNX project had been removed from internal bookings. Following this disclosure, the stock plunged 55%, falling from $3.60 to $1.62 per share. Investors seeking to serve as lead plaintiff in the case have until October 27, 2026, to file with the U.S. District Court.