Flotek Industries, Inc. NYSE: FTK

A securities class action has been filed on behalf of investors who purchased or otherwise acquired Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) securities between August 3, 2026 and August 17, 2026, inclusive (the “Class Period”).

The complaint alleges that defendants failed to disclose: (1) that there were credible reasons to doubt the experience, organization, and financial capacity of the consortium parties involved in Flotek's power-generation contract with the Puerto Rico Electric Power Authority (“PREPA”); (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, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On August 3, 2026, Flotek announced a 10-year, roughly $400 million agreement to support a 400 MW natural gas-fired power generation project for PREPA, addressing Puerto Rico's ongoing energy crisis. On August 17, 2026, at approximately 1:20 p.m. ET, Wolfpack Research published a report alleging that the PREPA contract — accounting for roughly 57% of Flotek's backlog — had been canceled, and that Flotek had stepped into the deal in place of another contractor whose name and signature had allegedly been used without authorization. On this news, Flotek's stock fell $7.17, or 20.01%, to close at $28.66 per share on August 17, 2026. The stock continued to decline over the following days as Flotek confirmed that PREPA had terminated the agreement, closing at $25.17 per share on August 19, 2026 — down roughly 30% over three trading days from a close of $35.83 on August 14, 2026.