Flotek Industries Sued for Securities Fraud Regarding Alleged Misstatements About FracMax and The Company's CnF Products

Nov 23, 2015, 15:55 ET from Block & Leviton LLP

BOSTON, Nov. 23, 2015 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK), and its executives, John W. Chisholm, H. Richard Walton and Robert M. Schmitz were named as defendants in a lawsuit filed today by Block & Leviton LLP alleging that they violated the Federal Securities Laws. 

The lawsuit, filed in Federal Court in the Southern District of Texas, Schonder, et al. v. Flotek Industries, Inc., et al., Case No. 4:15-cv-03432, alleges that defendants made false and misleading statements related to Flotek's FracMax technology and the effectiveness of its CnF product. After Bronte Capital published an expose on November 9, 2015, and the company admitted on November 10, 2015 that its earlier statements were incorrect, shares in Flotek plunged over 50%, wiping out almost $500 million in the company's market capitalization.

If you purchased Flotek stock between October 23, 2014 and November 9, 2015 you may be a member of the alleged class.  You may move the Court to be a lead plaintiff or you need not take any action at this time.  If you wish to be a lead plaintiff, you must file a motion by January 11, 2016.  If you are interested in becoming a lead plaintiff, have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Jake Walker of Block & Leviton LLP at (617) 398-5600 or at Jake@blockesq.com. You may also retain counsel of your own choosing. Confidentiality for any whistleblowers or other persons with information relevant to the investigation is assured.

Block & Leviton represents investors for violations of securities laws as well as whistleblowing employees who provide information about their employers' violations of law throughout the country.  The firm's lawyers have collectively been prosecuting securities cases for over 70 years, have recovered billions of dollars for investors and represent some of the nation's largest institutional investors.

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Jake Walker Jake@blockesq.com (617) 398-5600


SOURCE Block & Leviton LLP