BOSTON, Nov. 23, 2015 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK), and its
executives, John W. Chisholm,
H. Richard Walton and Robert M. Schmitz were named as defendants in a
lawsuit filed today by Block & Leviton LLP alleging that they
violated the Federal Securities Laws.
The lawsuit, filed in Federal Court in the Southern District of
Texas, Schonder, et al. v.
Flotek Industries, Inc., et al., Case No. 4:15-cv-03432,
alleges that defendants made false and misleading statements
related to Flotek's FracMax technology and the effectiveness of its
CnF product. After Bronte Capital published an expose on
November 9, 2015, and the company
admitted on November 10, 2015 that
its earlier statements were incorrect, shares in Flotek plunged
over 50%, wiping out almost $500
million in the company's market capitalization.
If you purchased Flotek stock between October 23, 2014 and November 9, 2015 you may be a member of the
alleged class. You may move the Court to be a lead plaintiff
or you need not take any action at this time. If you wish to
be a lead plaintiff, you must file a motion by January 11, 2016. If you are interested in
becoming a lead plaintiff, have questions about your legal rights,
or if you have information relevant to this investigation, please
contact attorney Jake Walker of
Block & Leviton LLP at (617) 398-5600 or at Jake@blockesq.com.
You may also retain counsel of your own choosing. Confidentiality
for any whistleblowers or other persons with information relevant
to the investigation is assured.
Block & Leviton represents investors for violations of
securities laws as well as whistleblowing employees who provide
information about their employers' violations of law throughout the
country. The firm's lawyers have collectively been
prosecuting securities cases for over 70 years, have recovered
billions of dollars for investors and represent some of the
nation's largest institutional investors.
This notice may constitute attorney advertising.
Contact:
BLOCK & LEVITON LLP
Jake Walker Jake@blockesq.com
(617) 398-5600
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SOURCE Block & Leviton LLP