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NEW YORK, Dec. 04, 2015 (GLOBE NEWSWIRE) -- 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 [email protected] 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
Robert S. Willoughby Pomerantz LLP [email protected]
