On October 6, 2026, Morpheus Research published a short report alleging that “Fervo has failed to disclose existential issues related to inconsistent production temperatures and premature thermal decline, excessive water loss, seismicity-related equipment damage, transmission capacity, and ballooning costs. In some cases, Fervo appears to have presented altered data and made material misstatements to investors, including in its [initial public offering] registration statement filed with the [United States Securities and Exchange Commission].” 

On this news, Fervo Energy Company stock fell as much as $0.55 or 3.8%, during intraday trading on October 7, 2026, thereby injuring investors.