Innventure (INV) Fabricated DarkNX Deal Case
INV investors filed a claim against Innventure, Inc. for touting a fabricated $3 billion data center deal with a shell company that had no evidence of ever existing.
After Morpheus Research published a report revealing DarkNX was a newly incorporated shell company with no institutional funding, no data-center-experienced employees, and no evidence its 300MW Ontario project existed, Innventure's stock fell 8.42% on May 28, 2026, and fell a further 55% on August 14, 2026.
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Case Details:
Innventure is an industrial technology commercialization company operating primarily through Accelsius Holdings, a subsidiary developing "NeuCool" two-phase, direct-to-chip liquid cooling technology for data centers. On November 17, 2025, Innventure announced that Accelsius had entered an agreement with DarkNX, described as a "global digital infrastructure company," to deploy NeuCool technology across a 300MW AI data center campus in Ontario, Canada — touted as the largest such deployment to date.
In press releases, investor presentations, and SEC filings (including the FY2025 10-K and Q1 2026 10-Q), Innventure and CEO Bill Haskell repeatedly cited the DarkNX deal as validating Accelsius' commercial pipeline, projecting Accelsius would be cash-flow positive by year-end 2026 with a ~$100 million annual revenue run rate.
These statements omitted material facts: Accelsius' deal with DarkNX was unlikely to come to fruition, as no evidence existed that DarkNX was constructing or facilitating a large-scale AI data center, rendering the Company's 2026 revenue and cash flow targets overstated.
On May 28, 2026, Morpheus Research published a report alleging the DarkNX deal was a complete fabrication, revealing DarkNX was a shell company incorporated just 12 months prior out of a Toronto-suburb home, with 9 employees with no data center experience, no institutional funding, and a "data center" address that led to a commercial trucking company. On this news, Innventure's stock fell 8.42% to $5.87.
On August 13, 2026, Innventure reported Q2 2026 results showing widening losses, suspended its 2026 revenue and cash flow targets for Accelsius, and disclosed in its Form 10-Q that the DarkNX deployment site was "no longer available" and had been removed from internal bookings. On this news, the stock fell 55% to $1.62.
Based on these events, $INV investors filed a claim against Innventure, Inc., alleging the company:
Misrepresented the credibility and commercial substance of its DarkNX partnership
Failed to disclose that DarkNX lacked the team, funding, or operations to execute the claimed $3 billion, 300MW data center project
Overstated Accelsius' 2026 revenue and cash flow targets based on the fabricated deal
Continued touting the DarkNX relationship as "proceeding as expected" even after red flags emerged
Investors argue that had the truth about DarkNX been disclosed earlier, Innventure's stock would not have traded at artificially inflated prices during the Class Period.