San Francisco -- Innventure, Inc. (NASDAQ: INV) shares plunged 55% on August 14, 2026, after the company pulled its DarkNX data-center project from 2026 forecasts and suspended revenue guidance, triggering a securities class action investigation by Hagens Berman.
Stock lost 74% of value amid unraveling data-center claims
Between May 27, 2026 and August 14, 2026, Innventure shares fell $4.795, or 74%, as scrutiny mounted over its subsidiary Accelsius' purported agreement with DarkNX. The deal, which Innventure had described as "the largest two-phase, direct-to-chip deployment to date," involved deploying Accelsius' NeuCool cooling technology across a 300MW AI data center campus in Ontario, Canada.
Morpheus Research alleged the deal was fabricated
On May 28, 2026, forensic research firm Morpheus Research published a report titled "Innventure: The Latest Iteration Of A Decades-Long Grift Propped Up By A Fake 300MW Data Center Deal." The report cited a former Innventure executive who said management used "false information" and "pure fiction" revenue projections to solicit investment into Accelsius. A former Accelsius employee quoted in the report reportedly said of DarkNX, "we've never heard of the company" and "there's no data center."
Company confirmed deployment site was no longer available
On August 13, 2026, Innventure disclosed that the deployment site identified in the DarkNX purchase order was no longer available. The company subsequently removed the DarkNX project from its internal bookings and suspended its 2026 revenue and cash flow expectations, precipitating the following day's 55% share-price drop.
Hagens Berman investigates potential securities law violations
Hagens Berman is investigating whether Innventure violated federal securities laws by misrepresenting the DarkNX arrangement to investors during the Class Period of November 17, 2025 through August 13, 2026. "We're focused on whether Innventure may have intentionally or recklessly misled its shareholders about the viability of the DarkNX project," said Reed Kathrein, the Hagens Berman partner leading the investigation.
The lead plaintiff deadline for the litigation is October 27, 2026. Hagens Berman is also inviting individuals with non-public information about Innventure to consider participation in the SEC Whistleblower program, under which whistleblowers may receive rewards of up to 30% of any successful SEC recovery.