The complaint centers on claims that Flotek Industries failed to provide a transparent assessment of its business operations during a critical two-week window. According to the filing, the company allegedly omitted material risks regarding the experience, organizational stability, and financial capacity of consortium partners involved in a power generation project for the Puerto Rico Electric Power Authority (PREPA).
Plaintiffs argue these omissions created a significant risk that anticipated revenue from the PREPA contract would never materialize. By issuing positive statements regarding the company’s outlook while withholding these details, defendants reportedly misled shareholders. Investors interested in participating or seeking further information may contact the Law Offices of Howard G. Smith at 215-638-4847 or via their website to discuss legal options before the October 26 deadline.
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