SECURITIES FRAUD ALERT: The Law Firm of Andrews & Springer LLC Announces That a Securities Fraud Class Action Has Been Filed ...
November 16 2015 - 8:21AM
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.
A copy of the complaint is available from the Court or from
Andrews & Springer LLC. If you would like to join the class
action, please visit our website or contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn –
https://www.linkedin.com/company/andrews-&-springer-llc,
Twitter – www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR
CHOICE.
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.
If you wish to serve as lead plaintiff, you must move the Court
no later than January 11, 2016. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. If you wish to join the litigation,
or to discuss your rights or interests regarding this class action,
please contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn –
www.linkedin.com/company/andrews-&-springer-llc, Twitter –
www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law
firm representing shareholders nationwide who are victims of
securities fraud, breaches of fiduciary duty or corporate
misconduct. Having formerly defended some of the largest financial
institutions in the world, our founding members use their valuable
knowledge, experience, and superior skill for the sole purpose of
achieving positive results for investors. These traits are the
hallmarks of our innovative approach to each case our Firm
decides to prosecute. For more information please visit our website
at www.andrewsspringer.com. This notice may constitute Attorney
Advertising.
Craig J. Springer, Esq.
cspringer@andrewsspringer.com
Toll Free: 1-800-423-6013
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