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Flotek Industries Inc (NYSE: FTK) Investor Securities Class Action Lawsuit 08/07/2009

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Lawsuit Overview

Case Dismissed
Company
Flotek Industries Inc.
Security
NYSE: FTK

Case Name
Flotek Industries Shareholder Class Action Lawsuit 08/07/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Texas

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 29, 2010 - The court granted defendants' motion to dismiss and dismissed the case with prejudice.
March 29, 2010 - Defendants filed a motion to dismiss.

February 4, 2010 - The lead plaintiff filed an amended complaint.

December 21, 2009 - Lead plaintiff and lead counsel were appointed.

October 6, 2009 - Lead plaintiff motions were filed.

August 7, 2009 - An investor in shares of Flotek Industries Inc (NYSE: FTK) filed lawsuit in the U.S. District Court for the Southern District of Texas on behalf of purchasers of the common stock of Flotek Industries Inc (NYSE: FTK) between May 8, 2007 and January 23, 2008 concerning alleged violations of federal securities laws by Flotek Industries Inc (NYSE: FTK).

According to the complaint the plaintiff alleges Flotek Industries Inc and certain of its executives violated the Exchange Act by failing to disclose between May 8, 2007 and January 23, 2008 material adverse facts about Flotek Industries Inc’s true financial condition, business and prospects, like, among other things Floktek Industries Inc was experiencing weakness in its Rocky Mountain sales region due to its decision to not cut prices to the level of its competitors or Flotek Industries Inc sales in its chemicals division were declining due to a decrease in fracing activity.

On October 31, 2007, Flotek Industries Inc announced its financial results for the third quarter of 2007, the period ended September 30, 2007. That same day Flotek Industries Inc held a conference call with investors and analysts, during which it announced, among other things, that all three of its segments were negatively affected by lower gas prices in the Rocky Mountains. In response to this announcement, so the lawsuit, the price of Flotek Industries Inc common stock fell $14.35 per share, or 28%, to close at $36.45 per share, on November 29, 2007, on heavy trading volume. The plaintiff alleges that the defendants, however, continued to conceal the full extent of the problems at Flotek Industries Inc. Then, on January 23, 2008, Flotek Industries Inc announced that it was revising its previously announced guidance for the year ending December 31, 2007 and in response to this announcement, the price of Flotek Industries Inc common stock fell $7.60 per share, or 30%, to close at $17.86 per share, on January 24, 2008, on heavy trading volume, so the lawsuit.

Flotek Industries Inc, located in Houston, Texas, is supplying drilling and production related products and services to the energy and mining industries. Flotek Industries Inc’s core focus is oilfield specialty chemicals and logistics, downhole drilling tools and downhole production tools. Flotek Industries Inc reported in 2007 Total Revenue of $158.01million with a Net Income of $11.35million and in 2008 Total Revenue of $226.06million. Shares of Flotek Industries Inc (NYSE: FTK) traded recently at $2.08 per share, down from a 52weekHigh of 19.02 per share.