Black egg cases usually sink to the bottom. They can remain dormant when the pond/ waterbody dries out and after several months of dry, the egg sacks will hatch when they are submersed in water again.
If the female Daphnia have the black egg cases in their body, the females have been kept in warm water and are preparing for the end. As the water warms up, the females develop the egg cases and shed them into the environment so the next generation will be able to start after the pond dries up and then refills the following year. If the water doesn't get any warmer, the females can live for a while and might start producing live young again.