SAN DIEGO, Oct. 20, 2026 /PRNewswire/ — Johnson Fistel, PLLP, a shareholder-rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Flotek Industries, Inc. (NYSE: FTK) securities between August 3, 2026 and August 17, 2026, inclusive (the “Class Period”).
The lawsuit, captioned Bashir v. Flotek Industries, Inc., et al., No. 1:26-cv-07285, is pending in the United States District Court for the Southern District of New York. The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5.
Join the Flotek Investigation
If you purchased Flotek securities during the Class Period and suffered losses, you may be eligible to seek appointment as lead plaintiff. The deadline to file a motion for appointment as lead plaintiff is October 26, 2026.
To learn more and submit your information, visit:
https://www.johnsonfistel.com/investigations/flotek-industries/
You may also contact Johnson Fistel, PLLP at jimb@johnsonfistel.com or (619) 814-4471. There is no cost or obligation to you.
What Is the Flotek Class Action About?
According to the complaint, Flotek announced on August 3, 2026 that it had been awarded a 10-year agreement to support a 400-megawatt natural-gas-fired power-generation project for the Puerto Rico Electric Power Authority. Flotek stated that it expected the agreement to generate approximately $400 million in potential revenue backlog.
The complaint alleges that defendants made materially false or misleading statements or failed to disclose that there were credible reasons to doubt the experience, organization, and financial capacity of the consortium parties involved in the PREPA project. The complaint further alleges that, as a result, there was a risk that revenue from the PREPA agreement would not be realized and that defendants’ positive statements concerning Flotek’s business, operations, and prospects were materially misleading or lacked a reasonable basis.
Why Did Flotek Stock Drop?
On August 17, 2026, Wolfpack Research issued a report alleging that Flotek’s approximately $400 million PREPA opportunity, which reportedly represented approximately 57% of the Company’s backlog, had been canceled.
According to the complaint, the report questioned the experience, organization, and financial capacity of the consortium involved in the project. The report also alleged that Enchanted Rock’s name and an executive’s signature had been used without authorization in connection with the underlying agreement.
Following the report, Flotek’s stock price declined $7.17 per share, or 20.01%, to close at $28.66 per share on August 17, 2026.
Before the market opened on August 18, 2026, Flotek disclosed that the Financial Oversight and Management Board for Puerto Rico had directed PREPA to terminate the power purchase and operating agreement and that PREPA had instructed the consortium to place all work on hold. Flotek stated at that time that it had not received formal notice of termination. Flotek’s stock declined an additional $1.64 per share, or 5.72%, to close at $27.02 per share on August 18, 2026.
Before the market opened on August 19, 2026, Flotek confirmed that PREPA had formally terminated the agreement, effective immediately. Flotek’s stock declined another $1.85 per share, or 6.85%, to close at $25.17 per share on August 19, 2026.
What Is a Lead Plaintiff?
The lead plaintiff is a court-appointed investor who acts on behalf of the proposed class in directing the litigation. Investors seeking appointment as lead plaintiff must file their motions with the Court by October 26, 2026.
Serving as lead plaintiff is not required to share in any potential recovery. Investors may retain counsel of their choice, take no action, or remain absent members of the proposed class. No class has yet been certified.
About Johnson Fistel, PLLP
Johnson Fistel, PLLP is a nationally recognized shareholder-rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in securities class actions, shareholder derivative lawsuits, and other matters involving violations of state and federal law.
Johnson Fistel has been recognized as one of the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services. In 2024, the firm recovered approximately $90,725,000 for investors in cases in which it served as lead or co-lead counsel.
Attorney advertising. Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. This press release may be considered a promotional communication. Frank J. Johnson is the attorney responsible for this communication.
Contact
Johnson Fistel, PLLP
501 W. Broadway, Suite 800
San Diego, CA 92101
James Baker, Investor Relations
(619) 814-4471
jimb@johnsonfistel.com
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