INVESTOR ALERT: Brower Piven Encourages Shareholders Who Have Losses In Excess of $100,000 From Investment In Flotek Industri...
November 25 2015 - 11:33AM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151125005656/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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