Stockholder Alert: Robbins LLP Informs Investors of the Flotek Industries, Inc. (FTK) Class Action
SAN DIEGO--( BUSINESS WIRE)--Shareholder rights law firm Robbins LLP informs investors that a class action was filed on behalf of all persons and entities who purchased or otherwise acquired Flotek Industries, Inc. (NYSE: FTK) securities between August 3, 2026 and August 17, 2026 (the "Class Period"). Flotek is an energy technology and services company.
Robbins LLP is Investigating Allegations that Flotek Industries, Inc. Misled Investors Regarding its Business Prospects
The complaint alleges that Flotek misled investors by failing to disclose the cancellation of its $400m Puerto Rican deal.
Investors who suffered significant losses during the Class Period may be eligible to participate in the lawsuit and should contact Robbins LLP for information about becoming lead plaintiff.
Why Was Flotek Sued?
According to the complaint defendants failed to disclose to investors:
(1) that there were credible reasons to doubt the experience, organization, and financial capacity of the consortium parties for PREPA’s power generation project;
(2) that, as a result, there was a risk that revenue from the PREPA contract would not be realized; and
(3) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Why Did FTK Stock Drop?
On August 3, 2026, Flotek announced it was awarded a 10-year agreement to support a 400 MW natural gas-fired power generation project for the Puerto Rico Electric Power Authority (“PREPA”) to help address the island's ongoing energy crisis. Flotek said it expects to generate approximately $400M revenue backlog due to the deal. On August 17, 2026, at approximately 1:20 pm EST, Wolfpack Research published a report alleging Flotek’s “$400 million contract with the Puerto Rico Electric Power Authority (PREPA), accounting for ~57% of FTK’s backlog, has been canceled.” On this news, the price of Flotek's stock fell $7.17, or 20.01%, to close at $28.66 per share on August 17, 2026.
Over the next two trading days, the stock continued to fall as Flotek revealed that PREPA had terminated the power purchase and operating agreement with the Company, effective immediately.
Who May Be Eligible to Participate in the FTK Class Action?
The lawsuit seeks to represent investors who purchased or otherwise acquired FTK securities between August 3, 2026 and August 17, 2026.
Investors who suffered losses during that period may have legal rights under the federal securities laws.
What Is a Lead Plaintiff?
The lead plaintiff is a court-appointed investor who represents the interests of all class members throughout the litigation. Serving as lead plaintiff is not required to share in any potential recovery. Investors who do not seek appointment may remain absent class members if the case proceeds and later resolves successfully.
Does it cost anything to participate?
No. Robbins LLP represents investors on a contingency fee basis.
Contact Robbins LLP
Investors seeking additional information about the Flotek Industries, Inc. securities class action may contact Robbins LLP by submitting an inquiry, emailing attorney Aaron Dumas, Jr., or calling (800) 350-6003.
About Robbins LLP
Robbins LLP is a shareholder rights law firm focused on representing investors in securities fraud and shareholder litigation. The firm has helped recover more than $1 billion for investors, obtained significant corporate governance reforms, and has represented shareholders in cases involving alleged violations of the federal securities laws.
"Companies have an obligation to provide investors with complete and accurate information so that markets can function fairly and efficiently," said Brian J. Robbins, Founding Partner of Robbins LLP.
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