Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Flotek Industries Inc. to Contact ...
November 13 2015 - 10:55PM
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been
commenced in the United States District Court for the Southern
District of Texas on behalf of purchasers of Flotek Industries Inc.
(NYSE:FTK) (“Flotek” or the “Company”) securities during the period
between October 23, 2014 and November 9, 2015, inclusive (the
“Class Period”). Investors who wish to become proactively
involved in the litigation have until January 11, 2016 to seek
appointment as lead plaintiff.
If you have suffered a loss from investment in
Flotek securities purchased on or after October 23, 2014 and held
through the revelation of negative information during and/or at the
end of the Class Period, as described below, and would like to
learn more about this lawsuit and your ability to participate as a
lead plaintiff, without cost or obligation to you, please visit our
website at
http://www.browerpiven.com/currentsecuritiescases.html. You
may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. No class has yet been certified in the above
action. Members of the Class will be represented by the lead
plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you
and the Class, you must apply to be appointed lead plaintiff and be
selected by the Court. The lead plaintiff will direct the
litigation and participate in important decisions including whether
to accept a settlement for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the
largest loss from investment in Company securities during the Class
Period. Brower Piven also encourages anyone with information
regarding the Company’s conduct during the period in question to
contact the firm, including whistleblowers, former employees,
shareholders and others.
The complaint accuses the defendants of
violations of the Securities Exchange Act of 1934 by virtue of the
defendants’ failure to disclose during the Class Period that the
Company’s proprietary software application, FracMax, had data and
process problems, the production data from FracMax for three
of the Company’s wells reported during the Company’s September 2015
New York City Investor Presentation were inaccurate, and a
purported FracMax application made available in the Apple iTunes
Store was not functional.
According to the complaint, following the
November 9, 2015 publication of a report by Bronte Capital stating
that certain of the production data set forth during the Investor
Presentation did not match data from the Texas Railroad
Commission and that a version of the FracMax
application available in the Apple iTunes Store did not
work, the value of Flotek shares declined substantially.
Attorneys at Brower Piven have extensive
experience in litigating securities and other class action cases
and have been advocating for the rights of shareholders since the
1980s. If you choose to retain counsel, you may retain Brower
Piven without financial obligation or cost to you, or you may
retain other counsel of your choice. You need take no action
at this time to be a member of the class.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
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