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STEVENSON, Md., Dec. 03, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers of Flotek Industries Inc. (NYSE:FTK) (“Flotek” or the “Company”) securities during the period between October 23, 2014 and November 9, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until January 11, 2016 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Flotek securities purchased on or after October 23, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at [email protected] or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company’s proprietary software application, FracMax, had data and process problems, the production data from FracMax for three of the Company’s wells reported during the Company’s September 2015 New York City Investor Presentation were inaccurate, and a purported FracMax application made available in the Apple iTunes Store was not functional.
According to the complaint, following the November 9, 2015 publication of a report by Bronte Capital stating that certain of the production data set forth during the Investor Presentation did not match data from the Texas Railroad Commission and that a version of the FracMax application available in the Apple iTunes Store did not work, the value of Flotek shares declined substantially.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 [email protected]
