A lawsuit was filed on behalf of investors in Flotek Industries Inc (NYSE:FTK) shares over alleged securities laws violations and NYSE:FTK investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/05/2016 -- A shareholder in Flotek Industries Inc filed a lawsuit over alleged violations of Securities Laws by Flotek Industries Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Flotek Industries Inc (NYSE:FTK) have certain options and for certain investors are short and strict deadlines running. Deadline: January 11, 2016. NYSE:FTK investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff claims that between October 23, 2014 and November 9, 2015 defendants issued 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 $8.12 per share on November 11, 2015.
On December 31, 2015, NYSE:FTK shares closed at $11.44 per share.
Those who purchased shares of Flotek Industries Inc (NYSE:FTK) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego