Investors in Flotek Industries have legal recourse following false statements about Puerto Rico contract
PHILADELPHIA, Sept. 1, 2026 /CourierPR/ -- Investors who purchased or acquired Flotek Industries, Inc. (NYSE: FTK) securities between August 3, 2026, and August 17, 2026, have a new legal recourse following the filing of a class action lawsuit. The lawsuit, brought by Berger Montague PC, a leading plaintiffs' law firm, alleges that Flotek and certain of its officers made materially false or misleading statements regarding its $400 million, 10-year contract with the Puerto Rico Electric Power Authority (PREPA).
According to the lawsuit, the PREPA contract, which accounted for approximately 57% of Flotek's backlog, was in "serious jeopardy." On August 17, 2026, Wolfpack Research published a report alleging that Flotek had stepped into the deal two days after it was originally signed, replacing another contractor, Enchanted Rock, LLC, whose name and signature were reportedly used without authorization. The report further claimed that a federally appointed financial regulator had revoked its authorization over the deal and referred the matter for criminal prosecution. This news sent Flotek's stock price plummeting, closing at $28.66 per share, a $7.17 drop or 20.01% decrease from the previous day's closing price.
The situation worsened on August 18, 2026, when the Financial Oversight and Management Board for Puerto Rico directed PREPA to terminate the contract. Flotek's stock fell an additional $1.64 per share, or 5.72%, to close at $27.02 per share. On August 19, 2026, Flotek confirmed the termination of the Puerto Rico power contract, causing its stock to drop another $1.85 per share, or 6.85%, closing at $25.17 per share.
Flotek, based in Houston, Texas, is a chemistry and data technology company providing near real-time data analytics and chemistry solutions to the energy industry.
Investors who wish to learn more about the lawsuit or have questions are encouraged to contact Berger Montague. The deadline to apply for lead plaintiff is October 26, 2026. This deadline applies only to investors seeking to serve as lead plaintiff; class members who do not apply may still participate in any recovery without taking action before this date.
SOURCE Berger Montague