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Flotek Industries Inc (NYSE: FTK) Investor Securities Class Action Lawsuit 11/17/2015

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Lawsuit Overview

Company
Flotek Industries Inc.
Security
NYSE: FTK

Case Name
Flotek Industries Shareholder Class Action Lawsuit 11/17/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Texas

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Summary

November 17, 2015 - An investor in shares of Flotek Industries Inc (NYSE: FTK) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Flotek Industries Inc in connection with certain allegedly false and misleading statements made between October 23, 2014 and November 9, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Flotek Industries Inc (NYSE: FTK) common shares between October 23, 2014 and November 9, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 23, 2014 and November 9, 2015 defendants issued allegedly materially false and misleading statements to investors and/or failed to disclose that Flotek Industries Inc’s 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.

Flotek Industries Inc reported that its annual Total Revenue rose from $371.06 million in 2013 to $449.16 million in 2014 and that its Net Income increased from $36.18 million in 2013 to $53.60 million in 2014.

On November 9, 2015, a report was published questioning the validity of the Flotek Industries Inc’s FracMax® analysis and alleging that Flotek Industries Inc 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. Chairman, President and CEO of Flotek Industries Inc, John Chisolm, responded later that day stating that the Company believed its FracMax® database and the associated data provides an accurate assessment of well performance .