The litigation, spearheaded by Levi & Korsinsky, LLP, centers on the collapse of a deal with the Puerto Rico Electric Power Authority. Shareholders allege that Flotek’s stock price was artificially inflated by claims of a 10-year, $400 million contract that faced significant internal hurdles. According to the complaint filed in the Southern District of New York, investors were kept in the dark regarding the consortium's financial capacity and allegations that a third party’s signature on the agreement was unauthorized.
In section Releases
Flotek Investors Face October Deadline in Securities Class Action
Investors who purchased Flotek Industries shares between August 3 and August 17, 2026, are being urged to review their eligibility for a pending class action lawsuit. The legal action follows a sharp 35% decline in share value triggered by the collapse of a $400 million power infrastructure contract.
The market reaction was swift and severe. After reaching a period high of $38.82 on August 11, the stock plummeted following a short-seller report and subsequent company disclosures regarding a work-hold directive. By August 19, the share price had bottomed out at $25.17, marking a total decline of $10.66 per share over three high-volume trading sessions. Investors seeking to serve as lead plaintiff must file their motions by October 26, 2026.
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