NEW YORK, Aug. 27, 2026 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against 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, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Flotek and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until October 26, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Flotek securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On August 3, 2026, Flotek announced that it was awarded a 10-year agreement to support a 400 MW natural gas-fired power generation project for the Puerto Rico Electric Power Authority (“PREPA”) to help address the island’s ongoing energy crisis. Flotek said it expects to generate approximately $400M revenue backlog due to the deal.
On August 17, 2026, Wolfpack Research published a report alleging that Flotek’s “$400 million contract with the Puerto Rico Electric Power Authority (PREPA), accounting for ~57% of FTK’s backlog, has been canceled.” According to the report, Flotek had stepped into the $6 billion PREPA deal two days after the deal was signed, and was swapped in place of another contractor, Enchanted Rock, LLC (“Enchanted Rock”). According to the report, federal regulators said Enchanted Rock’s “participation was expressly relied upon to provide the technical, operational, and financial capacity necessary to execute the Project.” The report further claimed that Enchanted Rock’s “name and signature were used without authorization,” so a “federally appointed financial regulator revoked its authorization over the deal due to [the] apparent unauthorized signature and referred the matter for criminal prosecution.”
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.
Then, on August 18, 2026, the Company announced that the Financial Oversight and Management Board for Puerto Rico voted to direct the PREPA to terminate a 10-year power generation contract in which Flotek holds project responsibilities. PREPA issued a directive to all consortium parties to immediately hold work on the proposed 400 MW Aguirre Power Plant project pending its evaluation of recent developments, although Flotek said it has not received a formal termination notice and its participation in the project remains subject to resolution of the PREPA contract matter.
On this news, Flotek’s stock price fell $1.64 per share, or 5.72%, to close at $27.02 per share on August 18, 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.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
