SAN DIEGO, Nov. 16, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in Texas on behalf of certain purchasers of shares of Flotek Industries Inc (NYSE:FTK) over alleged Violations of Federal Securities Laws by Flotek Industries Inc.
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 mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims 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. Shares of Flotek Industries Inc (NYSE:FTK) declined to as low as $8.12 per share on November 11, 2015.
Those who purchased Flotek Industries Inc (NYSE:FTK) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.