Flotek Industries Inc.
SECURITIES FRAUD ALERT: The Law Firm of Andrews & Springer LLC Announces That A Securities Fraud Class Action Has Been Filed Against Flotek Industries Inc. - FTK
(Wilmington, DE) Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a securities fraud class action lawsuit has been filed in the U.S. District Court, Southern District of Texas, Case No. 4:15-cv-03327, on behalf of investors of Flotek Industries Inc. (NYSE: FTK) (“Flotek” or the “Company”) that held shares between October 23, 2014 and November 9, 2015 (the “Class Period”). If you purchased Flotek securities during the Class Period, you may, no later than January 11, 2016, request that the Court appoint you lead plaintiff of the proposed class.
Bronte Capital recently published an analysis on Flotek asserting, among other things, that Flotek Industries' previously presented data that "looks like it was made up or at least systematically rigged."
On November 12, 2015 a Flotek shareholder filed a lawsuit in the U.S. District Court, Southern District of Texas, which alleges that throughout the Class Period Flotek and certain insiders issued materially false and misleading statements to investors and/or failed to disclose that: (1) Flotek's proprietary software application-FracMax-had data and process errors; (2) the reported production data from FracMax for three of the wells in the Company's New York City Investor Presentation on September 11, 2015 were inaccurate; (3) an application from the Company claiming to be FracMax available in the Apple iTunes Store does not work; and (4) as a result of the foregoing, the Company's public statements were materially false and misleading at all relevant times.
As a result of this news, Flotek’s stock price fell approximately 19% (equivalent to $3.50 per share) on November 9, 2015, causing shareholders to incur millions in losses.