FLOTEK INDUSTRIES INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Against Flotek Industries, Inc.
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SAN FRANCISCO--(BUSINESS WIRE)-- The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of investors who purchased or otherwise acquired the securities of Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) between October 23, 2014 and November 19, 2015, inclusive (the “Class Period”).
If you purchased or otherwise acquired the securities of Flotek during the Class Period, you may move the Court for appointment as lead plaintiff by no later than January 11, 2016. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Flotek investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Flotek Securities Class Litigation
Flotek is a global diversified, technology-driven company that develops and supplies oilfield products, services and equipment to the oil, gas and mining industries, and other products that are sold in consumer and industrial markets.
The actions allege that, throughout the Class Period, defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) Flotek’s proprietary software application FracMax had data and process errors; (2) 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; and (3) an application from the Company claiming to be FracMax available in the Apple iTunes Store does not work.
On November 9, 2015, the firm Bronte Capital published a report on Flotek asserting, among other things, that: (1) the production data of four proximate wells in Texas set forth in Flotek’s September 11, 2015 presentation to investors did not match the data of the Texas Railroad Commission; and (2) a version of FracMax available in the Apple iTunes Store does not work. On this news, the price of Flotek shares fell $3.50 per share, or 19.34%, from its closing price on November 6, 2015 to close at $14.60 per share on the next trading day, November 9, 2015, on extremely heavy trading volume.
On November 10, 2015, the Company issued a press release acknowledging data and process errors in its FracMax database and the understatement of production data in Company’s presentation on September 11, 2015. On this news, the price of Flotek shares fell $5.56 per share, or 38.1%, from its closing price on November 9, 2015, to close at $9.04 per share on November 10, 2015, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for thirteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151201005635/en/
Source/Contact for Media Inquiries Only:
Lieff
Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 1-800-541-7358
Source: Lieff Cabraser Heimann & Bernstein, LLP
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