SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Flotek Industries, Inc. and Certain Offi...
November 20 2015 - 02:42PM
Pomerantz LLP announces that a class action lawsuit has been filed
against Flotek Industries, Inc. (“Flotek” or the “Company”)
(NYSE:FTK) and certain of its officers. The class action, filed in
United States District Court, Southern District of Texas, and
docketed under 15-cv-03417, is on behalf of a class consisting of
all persons or entities who purchased Flotek securities between
October 23, 2014 and November 9, 2015 inclusive (the “Class
Period”). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Flotek
securities during the Class Period, you have until Jan 11, 2016 to
ask the Court to appoint you as Lead Plaintiff for the class. A
copy of the Complaint can be obtained at www.pomerantzlaw.com. To
discuss this action, contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.Flotek is a diversified global supplier of
drilling and production products and services to the energy and
mining industries.
The Complaint alleges that throughout the Class
Period, defendants issued materially false and misleading
statements to investors and/or failed to disclose that: (i)
Flotek's proprietary software application, FracMax, had data and
process errors; (ii) 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; (iii) an
application from the Company claiming to be FracMax available in
the Apple iTunes Store does not work; and (iv) as a result of the
foregoing, Flotek's public statements were materially false and
misleading at all relevant times.
On November 9, 2015, Australian analyst firm
Bronte Capital published a report on Flotek asserting, among other
things, that: (i) the production data of Targac 1H, Gillespie 1H
and Berger Unit 1H set forth in the September 11th Presentation did
not match the data provided by the Texas Railroad Commission; and
(ii) a version of FracMax available in the Apple iTunes Store does
not work.
On this news, shares of Flotek fell $3.50 per
share or over 19% to close at $14.60 per share on November 9, 2015,
damaging investors.
The Pomerantz Firm, with offices in New York,
Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust
class litigation. Founded by the late Abraham L. Pomerantz, known
as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he
established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The
Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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