Class Action Filed Against Flotek Industries Over PREPA Contract Claims
News related to:Flotek Industries, Inc · 1 min read
Kaplan Fox & Kilsheimer LLP has announced the filing of a class action lawsuit against Flotek Industries, Inc. (NYSE: FTK) on behalf of investors who purchased or acquired Flotek securities between August 3, 2026, and August 14, 2026. The lawsuit claims that the company made false or misleading statements regarding a major contract with the Puerto Rico Electric Power Authority (PREPA).
On August 3, 2026, Flotek announced it had been awarded a 10-year agreement to support a 400 MW natural gas-fired power generation project for PREPA. However, on August 17, 2026, Wolfpack Research published a report alleging that Flotek's $400 million contract with PREPA, which accounted for approximately 57% of the company's backlog, had been canceled. Following this news, Flotek's stock price plummeted, falling $7.17 per share, or 20%, to close at $28.66 per share.
The complaint alleges that throughout the class period, Flotek's management made statements that were misleading and lacked a reasonable basis. Specifically, the lawsuit claims that there were credible reasons to doubt the experience, organization, and financial capacity of the consortium parties for PREPA's power generation project. Additionally, it is alleged that there was a risk that revenue from the PREPA contract would not be realized.
Kaplan Fox & Kilsheimer LLP, a nationally recognized law firm, is encouraging investors who suffered losses as a result of these alleged misrepresentations to contact the firm before October 26, 2026. The firm has a history of representing public pension funds, institutional investors, and individuals in high-stakes litigation, securing some of the largest recoveries in the history of securities litigation.
The lawsuit claims that Flotek failed to disclose the risks associated with the PREPA contract and that the company's positive statements about its business, operations, and prospects were materially misleading. The firm is representing investors who purchased or acquired Flotek securities between August 3, 2026, and August 14, 2026.