Pomerantz LLP is investigating claims on behalf of investors of Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Flotek and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 3, 2026, Flotek announced a 10-year agreement tied to a Puerto Rico Electric Power Authority (“PREPA”) project that it said could generate approximately $400 million in revenue backlog and approximately $40 million in annual revenue at full deployment. Flotek identified Power Expectations as the leader of the group executing the underlying project. Then, on August 14, 2026, the Financial Oversight and Management Board for Puerto Rico revoked its approval of the underlying contract between PREPA, Power Expectations LLC, Enchanted Rock LLC, and Reyes Contractor LLC; directed PREPA to terminate the contract; and referred the contract issues to relevant law enforcement authorities. The Oversight Board stated that the procurement was “irreparably impaired” after Enchanted Rock’s parent said that the company was not participating and that its name and signature had been used without authorization. On August 17, 2026, Wolfpack Research issued a short report alleging that these developments effectively canceled Flotek’s associated $400 million opportunity and questioning why Flotek had not informed investors.
On this news, Flotek’s stock price fell $7.17 per share, or 20.01%, to close at $28.66 per share on August 17, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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