Investors who bought Innventure (INV) securities between November 17, 2025 and August 13, 2026 may be covered by a proposed class action alleging Innventure misled the market about a deal for its Accelsius unit to cool a 300MW AI data center campus for DarkNX. No class has been certified and there is nothing to file yet.
Allegations Only · No Settlement Yet
This article describes a class action complaint. The statements below are unproven allegations. Innventure, Inc. and its executives have not been found liable, there is no certified class, and nothing to claim at this time. This page is informational and is not legal advice.
What Is This About?
An Innventure investor filed a proposed securities class action against the company on August 28, 2026 in the U.S. District Court for the Southern District of New York. The case is Labed v. Innventure, Inc., No. 1:26-cv-07377, assigned to Judge Dale E. Ho. It is brought on behalf of everyone who bought or otherwise acquired Innventure securities between November 17, 2025 and August 13, 2026.Innventure, based in Orlando, describes itself as an industrial technology commercialization company, and its stock trades on Nasdaq under the ticker INV. Most of its business runs through Accelsius, a subsidiary that makes liquid cooling systems for data center chips. The complaint alleges that Innventure promoted an Accelsius deal with a company called DarkNX without disclosing that it was unlikely to happen, and overstated Accelsius’s 2026 revenue and cash-flow targets. The defendants are Innventure, chief executive Gregory William “Bill” Haskell and chief financial officer David Yablunosky.
The case is at the complaint stage. No lead plaintiff has been appointed, no class has been certified, and there is no settlement, fund or claim form.
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The DarkNX Deal
On November 17, 2025, Accelsius announced that DarkNX, described as a global digital infrastructure company, had agreed to deploy Accelsius’s NeuCool cooling technology across a new 300MW AI data center campus in Ontario, Canada. The announcement called it the largest two-phase, direct-to-chip deployment to date, with a first phase of two 65MW facilities planned for 2026 and 2027.The complaint quotes a series of later statements, including March 2026 releases that projected Accelsius would be cash-flow positive by the end of 2026, a March 30, 2026 investor presentation saying the DarkNX agreement was proceeding as expected with initial deliveries expected in 2026, and May and June 2026 presentations. It alleges those statements were misleading because the DarkNX deal was unlikely to come to fruition.
What the Complaint Alleges
The complaint describes two disclosures. On May 28, 2026, before the market opened, the short seller Morpheus Research published a report that, as described in the complaint, said it had found no evidence the DarkNX project existed and quoted former Accelsius employees questioning it. Innventure stock fell $0.54, or 8.42%, to close at $5.87 that day.On August 13, 2026, after the market closed, Innventure reported second-quarter results that included a net loss of $34.9 million and suspended its 2026 revenue and cash-flow expectations for Accelsius. Its quarterly report said the deployment site identified in the DarkNX purchase order was no longer available and that Accelsius had removed the DarkNX project from its internal bookings. According to the complaint, the stock fell $1.98, or 55%, to close at $1.62 on August 14, 2026.
The claims are brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5. None of the allegations has been tested in court.
Who Is in the Proposed Class?
The proposed class is every person and entity that bought or otherwise acquired Innventure securities between November 17, 2025 and August 13, 2026, inclusive, and was damaged as a result. The defendants, Innventure’s officers and directors, their immediate families and entities they control are excluded. The class exists only as a proposal until a court certifies it, and its definition can change as the case proceeds.What Happens Next
Under the Private Securities Litigation Reform Act, plaintiffs’ law firms published notices of the case, which give October 27, 2026 as the deadline for investors to ask the court to appoint them lead plaintiff. That date comes from the notices, not from a court order. On September 2, 2026, Judge Ho ordered the plaintiff to confirm when and how that notice was published. After the court picks a lead plaintiff and lead counsel, an amended complaint usually follows, and the defendants typically move to dismiss.Innventure disclosed the lawsuit in an August 28, 2026 SEC filing, saying the action is in its preliminary stages and that the company intends to defend it vigorously. The complaint was filed by Glancy Prongay Wolke & Rotter, with Holzer & Holzer. Members of a proposed securities class generally remain in the class without seeking the lead plaintiff role. There is no money available unless the case produces a settlement or judgment, which would come with its own notice and claim process.
Questions
Who is covered by the Innventure securities class action?
The proposed class is every person and entity that bought or otherwise acquired Innventure securities between November 17, 2025 and August 13, 2026, inclusive, and was damaged. Defendants and related insiders are excluded. No class has been certified.
What is the October 27, 2026 deadline in the Innventure case?
It is the deadline, stated in notices published by plaintiffs’ law firms, for investors to ask the court to appoint them lead plaintiff under the Private Securities Litigation Reform Act. It is not a claim deadline. Members of a proposed securities class generally remain in the class without seeking that role, and there is no money or claim form available.
What is the DarkNX deal at the center of the lawsuit?
In November 2025, Innventure’s subsidiary Accelsius announced an agreement under which DarkNX would deploy Accelsius’s NeuCool liquid cooling technology across a planned 300MW AI data center campus in Ontario. In August 2026, Innventure disclosed that the deployment site identified in the DarkNX purchase order was no longer available and that Accelsius had removed the project from its internal bookings.
Has Innventure responded to the securities lawsuit?
Innventure disclosed the lawsuit in an August 28, 2026 SEC filing, saying the action is in its preliminary stages and that the company intends to defend it vigorously. The allegations are unproven, and no court has found Innventure or its executives liable.
Sources
- Court docket — Labed v. Innventure, Inc., No. 1:26-cv-07377 (S.D.N.Y.) (Justia)
- Class action complaint — filed August 28, 2026 (44 pages)
- Order on PSLRA notice — Dkt. 5, September 2, 2026
- Plaintiffs’ counsel notice — class period and the October 27, 2026 lead plaintiff deadline (PR Newswire, October 12, 2026)
