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Oct 26, 2026
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The filed complaint alleges that Flotek Industries, Inc made materially false and/or misleading statements and/or failed to disclose that: (1) there were credible reasons to doubt the experience, organization, and financial capacity of the consortium parties for PREPA’s power generation project; (2) as a result, there was a risk that revenue from the PREPA contract would not be realized; and (3) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
In order to be eligible to join the FTK class action lawsuit, you must have incurred a loss on shares of Flotek Industries, Inc. purchased during the class period listed above.
If you suffered a loss in Flotek Industries, Inc. during the relevant time frame or pursuant to the relevant offering(s), you have until October 26, 2026 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
● The Allegation: The complaint alleges Flotek Industries, Inc. overstated the reliability and revenue potential of its 10-year PREPA power generation agreement while failing to disclose credible concerns about the experience, organization, and financial capacity of the consortium parties.
● The Stock Drop: FTK fell $7.17, or 20.01%, to close at $28.66 per share on August 17, 2026, after Wolfpack Research reported that Flotek's $400 million PREPA contract had been canceled; FTK fell $1.64, or 5.72%, to close at $27.02 on August 18, 2026, after Flotek disclosed that Puerto Rico's Oversight Board directed PREPA to terminate the contract; FTK fell $1.85, or 6.85%, to close at $25.17 per share on August 19, 2026, after Flotek confirmed formal termination.
● Class Period & Defendants: The class period runs from August 3, 2026 through August 17, 2026, inclusive. The named defendants are Flotek Industries, Inc., Ryan Ezell, Chief Executive Officer at all relevant times, and Bond Clement, Chief Financial Officer at all relevant times.
● Lead Plaintiff Deadline: October 26, 2026. Investors who wish to seek appointment as lead plaintiff must apply by the deadline.
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Flotek Industries Class Action Summary |
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Company |
Flotek Industries, Inc. (NYSE: FTK) |
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Lead Plaintiff Deadline |
October 26, 2026 |
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Class Period |
August 3, 2026 – August 17, 2026 |
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Stock Drop |
August 17, 2026 – FTK fell $7.17 (20.01%) to $28.66; August 18, 2026 – FTK fell $1.64 (5.72%) to $27.02; August 19, 2026 – FTK fell $1.85 (6.85%) to $25.17 |
A securities class action lawsuit has been filed against Flotek Industries, Inc. and two senior officers. The lawsuit covers investors who purchased Flotek securities from August 3, 2026 through August 17, 2026.
The complaint alleges defendants made materially false and misleading statements about a 10-year PREPA power generation contract. Flotek said the deal could create about $400 million in revenue backlog.
Investors allegedly were harmed when reports and company filings revealed the contract's problems and termination. FTK shares fell sharply across three trading days as the disclosures emerged.
Flotek Industries, Inc. is an energy technology and services company. The complaint describes Flotek as a provider of advanced real-time data analytics and chemistry solutions for the energy and infrastructure sector, including its proprietary PWRtek platform for power generation support.
August 3, 2026 – August 17, 2026
Investors who purchased or acquired Flotek Industries, Inc. (FTK) securities during the Class Period may be eligible to seek recovery under the federal securities laws.
The Flotek Industries, Inc. securities lawsuit centers on the company's August 3, 2026 announcement of a 10-year agreement to support natural gas-fired grid enhancement initiatives for the Puerto Rico Electric Power Authority, known as PREPA. Flotek stated that the agreement was expected to generate a revenue backlog of approximately $400 million through rental of gas-fired power generation equipment and deployment of its proprietary smart conditioning and distribution systems.
On August 4, 2026, Flotek issued quarterly financial results and stated that the PREPA contract award validated its efforts to expand its technology portfolio beyond oil and gas. The same day, the company provided a presentation on its website touting the PREPA award and filed its Form 10-Q for the quarter ended June 30, 2026. That filing repeated that annual revenue at full deployment was expected to total approximately $40 million, with a potential 10-year revenue backlog of approximately $400 million.
The complaint alleges these statements were materially false and misleading because defendants failed to disclose material adverse facts about the PREPA contract and Flotek's prospects. According to plaintiffs, there were credible reasons to doubt the experience, organization, and financial capacity of the consortium parties for the PREPA power generation project. Those concerns allegedly created a risk that Flotek would not realize revenue from the PREPA contract.
Plaintiffs further allege that defendants' positive statements about Flotek's business, operations, and prospects lacked a reasonable basis. The complaint claims the company's 2Q26 Form 10-Q warned that risks could prevent expected revenues, while defendants allegedly failed to disclose credible reasons to doubt the experience, organization, and financial capacity of the consortium parties.
The alleged truth began to emerge on August 17, 2026, when Wolfpack Research published a report at approximately 1:20 p.m. EST. The report alleged that Flotek's $400 million PREPA contract, accounting for approximately 57% of FTK's backlog, had been canceled. It also claimed Flotek had stepped into a $6 billion PREPA deal two days after the deal was signed, replacing Enchanted Rock, LLC.
According to the Wolfpack report cited in the complaint, federal regulators said Enchanted Rock's participation had been relied upon to provide technical, operational, and financial capacity for the project. The report alleged Enchanted Rock's name and signature were used without authorization, prompting a federally appointed financial regulator to revoke approval of the deal and refer the matter for criminal prosecution. The complaint also cites allegations that earlier materials questioned Power Expectations LLC's capacity to execute the contract.
Flotek then issued company disclosures on August 18 and August 19, 2026. On August 18, Flotek disclosed that the Financial Oversight and Management Board for Puerto Rico had voted to revoke approval of the contract, directed PREPA to terminate it, and referred contract issues to law enforcement authorities. The next day, Flotek confirmed that PREPA had delivered formal notice terminating the Power Purchase and Operating Agreement, effective immediately.
FTK shares fell in three consecutive disclosure-related moves. After the Wolfpack Research report on August 17, 2026, Flotek's stock price fell $7.17, or 20.01%, to close at $28.66 per share on unusually heavy trading volume. The complaint notes that FTK had closed at a Class Period high of $38.82 per share on August 11, 2026.
Following Flotek's August 18, 2026 Form 8-K, FTK fell another $1.64, or 5.72%, to close at $27.02 on unusually heavy trading volume. After the company confirmed formal termination on August 19, 2026, the stock declined $1.85, or 6.85%, to close at $25.17 per share, again on unusually heavy trading volume.
● Lead Plaintiff Deadline: October 26, 2026
● After the lead plaintiff deadline, the Court will consider any lead plaintiff motions.
● Defendants may file a motion to dismiss.
● If the case proceeds, the Court may later consider class certification.
Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. Prior results do not guarantee similar outcomes.
The Flotek Industries, Inc. shareholder lawsuit alleges that the company and two senior officers misled investors about the reliability and revenue potential of a 10-year agreement connected to PREPA's 400 MW natural gas-fired power generation project. According to the complaint, Flotek said the contract could generate approximately $400 million in revenue backlog. Plaintiffs allege the company failed to disclose credible concerns about the experience, organization, and financial capacity of consortium parties involved in the project.
The proposed class includes all persons and entities that purchased or otherwise acquired Flotek securities between August 3, 2026 and August 17, 2026, inclusive, and were damaged thereby. The complaint excludes defendants, Flotek officers and directors at relevant times, their immediate family members and legal representatives, heirs, successors, assigns, and any entity in which defendants have or had a controlling interest.
According to the complaint, Flotek announced on August 3, 2026 that it had entered a 10-year agreement to support natural gas-fired grid enhancement initiatives for PREPA. The company said it expected to generate approximately $400 million in revenue backlog and approximately $40 million in annual revenue at full deployment. Flotek also stated that it would provide its proprietary PWRtek platform, including up to 40 MW of primary power generation capacity and up to six pairs of smart conditioning and distribution skids.
The complaint alleges Flotek failed to disclose that there were credible reasons to doubt the experience, organization, and financial capacity of the consortium parties for PREPA's power generation project. Plaintiffs claim these concerns created a risk that revenue from the PREPA contract would not be realized. The complaint further alleges that defendants' positive statements about Flotek's business, operations, and prospects were materially misleading and lacked a reasonable basis.
On August 17, 2026, Wolfpack Research published a report alleging that Flotek's $400 million PREPA contract had been canceled. The report said the contract accounted for approximately 57% of FTK's backlog and claimed that Enchanted Rock's name and signature were used without authorization. According to the complaint, FTK fell $7.17, or 20.01%, to close at $28.66 per share that day on unusually heavy trading volume.
On August 18, 2026, Flotek filed a Form 8-K stating that Puerto Rico's Oversight Board had revoked approval of the power generation contract, directed PREPA to terminate it, and referred the matter to law enforcement authorities. Flotek said PREPA had directed all consortium parties to hold work pending evaluation of recent developments. On August 19, 2026, Flotek disclosed that PREPA delivered formal notice terminating the Power Purchase and Operating Agreement, effective immediately.
The defendants named in the Flotek stock lawsuit are Flotek Industries, Inc., Ryan Ezell, and Bond Clement. The complaint states that Ezell was the company's Chief Executive Officer at all relevant times, and Clement was the company's Chief Financial Officer at all relevant times. Plaintiffs allege the individual defendants had authority over company reports, press releases, and other market communications.
The complaint brings claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. Plaintiffs allege defendants made materially false and misleading statements and omitted material facts during the Class Period. The lawsuit seeks recovery for investors who purchased Flotek securities at allegedly inflated prices and suffered losses when the alleged truth was revealed.
The class period runs from August 3, 2026 through August 17, 2026, inclusive. Investors who purchased or acquired Flotek securities during that period may be included if they were damaged.
The complaint alleges Flotek made misleading positive statements about the PREPA contract and its expected revenue. Plaintiffs claim defendants failed to disclose serious concerns about the consortium parties' capacity to execute the project.
On August 17, 2026, FTK fell $7.17, or 20.01%, to close at $28.66 per share. The drop followed a Wolfpack Research report alleging the PREPA contract had been canceled.
Flotek disclosed on August 19, 2026 that PREPA delivered formal notice terminating the Power Purchase and Operating Agreement. The notice stated that termination was effective immediately.
Plaintiff Saad Bashir filed the securities class action on behalf of investors who purchased or otherwise acquired Flotek securities during the Class Period and were allegedly damaged.
Deadline
Oct 26, 2026