Robbins LLP says Innventure investors face class action over DarkNX claims

Robbins LLP says a securities class action has been filed against Innventure Inc. over allegations that the company misled investors about its DarkNX venture and Accelsius cooling business, including claims tied to a planned AI data center campus in Ontario, Canada.

The notice says the case could cover investors who bought or otherwise acquired Innventure securities between Nov. 17, 2025, and Aug. 13, 2026, a period that includes the company’s announcement of the DarkNX deal, a later research report questioning the project, and subsequent disclosures about its status.

What the notice says

According to the Robbins LLP investor notice, Innventure said on Nov. 17, 2025, that Accelsius had entered into an agreement with DarkNX for deployment of its NeuCool liquid-cooling system across a new 300MW AI data center campus in Ontario. The notice says the first phase was to include two 65MW facilities, with deployments scheduled for 2026 and 2027.

The notice says the complaint alleges that the DarkNX deal was unlikely to occur because there was no evidence DarkNX was actually constructing or facilitating a large-scale AI data center. It also says plaintiffs allege Accelsius’s 2026 revenue and cash flow targets were overstated and that positive statements about the business, operations and prospects lacked a reasonable basis.

Robbins LLP’s notice summarizes a May 28, 2026, report by Morpheus Research that it says called the DarkNX venture a fabrication. The notice says the report found “zero evidence” that the project existed or that DarkNX had the team or funding for it. It also says a former Innventure executive was quoted as saying management used “false information” and revenue projections that were “pure fiction” to solicit investments into Accelsius.

The notice says Innventure shares fell $0.54, or 8.42%, to $5.87 on May 28, 2026, after that report.

Why it matters

Innventure describes itself as an industrial technology commercialization company and says it operates primarily through Accelsius Holdings LLC, which focuses on two-phase, direct-to-chip liquid cooling for data centers and high-performance computing. The notice says the dispute centers on whether the company’s statements about that business and the DarkNX project were accurate.

The notice also says Innventure’s Aug. 13, 2026, second-quarter results included a net loss of $34.9 million, compared with $27.8 million in the first quarter of 2026, and an adjusted EBITDA loss of $22.6 million, compared with $18.4 million in the prior quarter. It says the company then suspended previously communicated expectations for Accelsius’s 2026 revenue and cash flow targets.

According to the notice, Innventure’s Form 10-Q said “the deployment site identified in the DarkNX purchase order is no longer available” and that Accelsius removed the DarkNX project from its internal bookings. The notice says the stock fell $1.98, or 55%, to $1.62 on Aug. 14, 2026.

Background

The notice describes DarkNX as an alleged global digital infrastructure company and says the project was presented as “the largest two-phase, direct-to-chip deployment to date.” It says the first phase would involve two 65MW facilities in Ontario.

Because the item is a law-firm investor notice summarizing allegations, the claims have not been tested in court in the source provided. The notice also gives two different lead plaintiff deadlines, citing both Oct. 26, 2026, and Oct. 27, 2026.

What happens next

The notice says investors who suffered losses during the class period may have legal rights under federal securities laws and should contact Robbins LLP. It also says shareholders who want to lead the case should watch the stated deadline, though the notice itself is inconsistent on the date.

Sources

• PR Newswire / Robbins LLP investor notice

Editorial note: This article was prepared with AI assistance and includes source attribution for reader review.