Law firm Glancy Prongay Wolke & Rotter LLP has initiated a securities fraud investigation into Fervo Energy. The investigation follows a critical report published by Morpheus Research on October 6, 2026, alleging that Fervo failed to disclose significant operational issues at its geothermal projects. The report claims the projects face inconsistent production temperatures, premature thermal decline and excessive water loss.
Morpheus Research also raised concerns about equipment damage related to seismic activity and escalating costs. The report alleged that Fervo may have presented altered data and made material misstatements in its IPO registration statement. Fervo’s stock price fell notably intraday on October 7, 2026, after the report was released.