SAN FRANCISCO, Dec. 28, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, advises investors with losses over $50,000 of the January 11, 2016 lead plaintiff deadline in the securities fraud class action lawsuit filed against Flotek Industries, Inc. (NYSE:FTK).
If you purchased Flotek securities between October 23, 2014 and November 9, 2015, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000, emailing FTK@hbsslaw.com or visiting http://hb-securities.com/investigations/FTK. The lawsuit was filed in the U.S. District Court for the Southern District of Texas and investors have until January 11, 2016 to move the court to act as lead plaintiff.
Flotek provides support services to the drilling and mining industries. On November 9, 2015, Australian analyst firm Bronte Capital published a report on Flotek asserting, among other things, that: (i) the production data of certain well units that was set forth in the Company’s September 11th shareholder presentation did not match the data provided by the Texas Railroad Commission; and (ii) a highly touted version of FracMax available in the iTunes Store does not work. On this news, shares of Flotek fell $3.50 per share or over 19% to close at $14.60 per share on November 9, 2015. The share price has not recovered.
The complaint alleges that Flotek violated the securities laws when it concealed from investors that: (i) Flotek's proprietary software application, FracMax, had data and process errors; (ii) 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; (iii) an application from the Company claiming to be FracMax available in the iTunes Store does not work; and (iv) as a result, Flotek's public statements were materially false and misleading at all relevant times.
If you are an investor who lost more than $50,000 in your investments in FTK securities and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding FTK should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email FTK@hbsslaw.com.
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Reed Kathrein, 510-725-3000
Source:Hagens Berman Sobol Shapiro LLP