WILMINGTON, Del., Nov. 16, 2015 (GLOBE NEWSWIRE) -- 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.