Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired CoreWeave, Inc. (“CoreWeave”) (NASDAQ: CRWV) securities between March 28, 2025 and December 15, 2025, inclusive (the “Class Period”).
The Class Period begins on March 28, 2025, when CoreWeave conducted its IPO. On March 31, 2025, CoreWeave filed a prospectus with the SEC in connection with its IPO (the “Prospectus”), which stated that CoreWeave is “the AI Hyperscaler driving the AI revolution,” and defined a “Hyperscaler” as “[a] cloud provider or technology company that is capable of delivering computing infrastructure and services at massive scale, typically through large data centers and geographically distributed networks.” The Prospectus stated that one of CoreWeave’s “competitive strengths,” which CoreWeave “believe[s] set us apart from the generalized cloud providers in the industry,” was its ability to “deploy[] AI infrastructure at massive scale.” Specifically, CoreWeave touted that the company’s “specialization in deploying AI infrastructure at massive scale enables us to serve some of the world’s leading providers of AI who require massive deployments, benefit from clear economies of scale, and detect issues and derive insights from across our AI infrastructure sooner than our competitors.” Also in the Prospectus, CoreWeave specifically represented that its coordination with third parties allowed it to provide customers with infrastructure that would meet their bespoke needs.
On July 7, 2025, CoreWeave announced an agreement to acquire Core Scientific, to “significantly enhance operating efficiency and de-risk [its] future expansion, solidifying [its] growth trajectory.” However, on October 30, 2025, Core Scientific announced that it had not received enough shareholder votes to approve the merger agreement with CoreWeave, terminating the merger. On this news, CoreWeave’s stock price fell $8.87, or 6.3%.
Then, on November 10, 2025, CoreWeave announced lowered revenue guidance for 2025 due to “delays related to a third-party data center developer who is behind schedule.” During market hours, on November 11, 2025, CoreWeave’s CEO revealed the delays concerned not just a single data center, as previously asserted, but a data center provider, with multiple data centers owned by the same provider potentially affected. On this news, CoreWeave’s stock price fell $17.22, or 16.3%.
A few weeks later, on December 15, 2025, the Wall Street Journal revealed, among other things, that Core Scientific was the building partner behind the delayed data centers, and that it began flagging the delays nine months prior. The Wall Street Journal also revealed that other data centers would be delayed due to revised design plans. On this news, CoreWeave’s stock price fell $2.85, or 3.9%.
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) CoreWeave had overstated the company’s ability to meet customer demand for its service; (2) CoreWeave materially understated the scope and severity of the risk that CoreWeave’s reliance on a single third-party data center supplier presented for the company’s ability to meet customer demand for its services; (3) the foregoing was reasonably likely to have a material negative impact on CoreWeave’s revenue; (4) as a result, CoreWeave’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
On March 13, 2026, Motions to Appoint Lead Plaintiffs and Lead Counsel were filed. This action is ongoing.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.