An investigation on behalf of current long term investors in Flotek Industries Inc (NYSE:FTK) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:FTK stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/09/2016 -- An investigation for shareholders in Flotek Industries Inc (NYSE:FTK) concerning potential breaches of fiduciary duties by certain directors of Flotek Industries Inc was announced.
Investors who are current long term investors in Flotek Industries Inc (NYSE:FTK) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE:FTK stocks follows a lawsuit filed recently against Flotek Industries Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:FTK stocks, concerns whether certain Flotek Industries officers and directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that defendants issued certain allegedly materially false and misleading statements to investors and/or failed to disclose that Flotek Industries' proprietary software application—FracMax—had data and process errors, that 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, that an application from the Company claiming to be FracMax available in the Apple iTunes Store does not work, and that as a result of the foregoing, the Company's public statements were materially false and misleading at all relevant times.
On November 9, 2015, a report was published questioning the validity of the Flotek Industries' FracMax® analysis and alleging that Flotek Industries used false data when speaking to investors during its February 2, 2015 Investor Day presentation by comparing wells using the Company's products with those that do not. Chairman, President and CEO of Flotek Industries, John Chisolm, responded later that day stating that the Company believed its FracMax® database and the associated data "provides an accurate assessment of well performance". Shares of Flotek Industries Inc (NYSE:FTK) declined to as low as $4.90 per share on January 20, 2016.
On February 8, 2016, NYSE:FTK shares closed at $6.62 per share.
Those who purchased shares of Flotek Industries Inc (NYSE:FTK) have certain options and should contact the Shareholders Foundation.
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