Flotek Industries, Inc. Former Employee Investigation

An analysis on account of above and accepted advisers of Flotek Industries, Inc. (Public, NYSE:FTK) apropos abeyant Employee Retirement Income Security Act (“ERISA”) Breach of Fiduciary Duty was announced.

Those who are above or accepted advisers or are a affiliate of any of Flotek Industries investment affairs or accumulation administration retirement affairs and purchased or captivated Flotek Industries, Inc. (Public, NYSE:FTK) shares or accept advice apropos to this investigation, should acquaintance the Shareholders Foundation, Inc. at Email: mail(at)shareholdersfoundation.com or alarm us at: +1 (858) 779 - 1554. Flotek Industries, Inc. has been accused of balance artifice and according to a an analysis by a law close beneath ERISA advisers (former and current) of Flotek Industries, Inc. (Public, NYSE:FTK) may be acceptable to book a ERISA complaint for putting banal options at accident if they can prove their employer abandoned its fiduciary assignment to them. The Fiduciary assignment refers to a company’s albatross to the humans who advance in it and if an employer puts the company’s absorption advanced of the investors’, it has broken its fiduciary duty, so the investigation.

Flotek Industries faces a balance chic action accusation over declared violations of Federal Securities Laws on account of purchasers of the accepted banal of Flotek Industries, Inc. (NYSE:FTK) amid May 8, 2007 and January 23, 2008. An broker in Flotek Industries has filed a proposed balance chic action accusation in the United States District Court for the Southern District of Texas apropos declared violations of federal balance laws by Flotek Industries, Inc. (NYSE:FTK). According to the complaint the plaintiff alleges Flotek Industries and assertive of its admiral abandoned the Exchange Act by declining to acknowledge amid May 8, 2007 and January 23, 2008 actual adverse facts about Flotek’s accurate banking condition, business and prospects, like, a allotment of added things Floktek was experiencing weakness in its Rocky Mountain sales arena due to its accommodation to not cut prices to the akin of its competitors or Flotek sales in its chemicals analysis were crumbling due to a abatement in fracing activity. On October 31, 2007, Flotek Industries appear its banking after-effects for the third division of 2007, the aeon concluded September 30, 2007. That aforementioned day Flotek Industries captivated a appointment alarm with investors and analysts, during which it announced, a allotment of added things, that all three of its segments were abnormally afflicted by lower gas prices in the Rocky Mountains. In acknowledgment to this announcement, so the lawsuit, the amount of Flotek accepted banal fell $14.35 per share, or 28%, to abutting at $36.45 per share, on November 29, 2007, on abundant trading volume. The plaintiff alleges that the defendants, however, connected to burrow the abounding admeasurement of the problems at Flotek Industries. Then, on January 23, 2008, Flotek Industries appear that it was alteration its ahead appear advice for the year catastrophe December 31, 2007 and in acknowledgment to this announcement, the amount of Flotek accepted banal fell $7.60 per share, or 30%, to abutting at $17.86 per share, on January 24, 2008, on abundant trading volume, so the lawsuit.
Flotek Industries, Inc., amid in Houston, Texas, is bartering conduct and assembly accompanying articles and casework to the activity and mining industries. Flotek’s amount focus is oilfield specialty chemicals and logistics, downhole conduct accoutrement and downhole assembly tools. Flotek appear in 2007 Total Revenue of $158.01million with a Net Income of $11.35million and in 2008 Total Revenue of $226.06million. Shares of Flotek Industries, Inc. (NYSE:FTK) traded afresh at $2.08 per share, down from a 52weekHigh of 19.02 per share.