NEW YORK, Aug. 17, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers of Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE:FTK) stock during the period between May 8, 2007 through January 23, 2008 (the "Class Period") for violations of the federal securities laws.
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. If you purchased Flotek common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by October 6, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint alleges that defendants made a series of materially false or misleading statements about Flotek's business, prospects and operations during the Class Period. Specifically, the complaint alleges that defendants misrepresented and failed to disclose the following adverse facts: (a) that the Company was experiencing weakness in its Rocky Mountain sales region due to its decision to not cut prices to the level of its competitors; (b) that the Company's operating profit margins were being negatively impacted as customers increasingly opted to rent equipment instead of purchasing it; (c) that sales in the Company's chemicals division were declining due to a decrease in fracking activity; and (d) as a result of the foregoing, defendants' positive statements concerning the Company's guidance and prospects were lacking in a reasonable basis at all relevant times.