SOURCE: Brower Piven, A Professional Corporation

August 14, 2009 20:00 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $150,000 From Investment in Flotek Industries, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the October 6, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - August 14, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers of the common stock of Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) during the period between May 8, 2007 and January 23, 2008, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 6, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was experiencing weakness in its Rocky Mountain sales region due to its decision to not cut prices to the level of its competitors, that operating profit margins were being negatively impacted as customers increasingly opted to rent equipment instead of purchasing it and that sales in the Company's chemicals division were declining such that defendants' positive statements during the Class Period concerning the Company's guidance and prospects were lacking in a reasonable basis. According to the complaint, on November 29, 2007 (sic; actually November 1, 2007), after the Company announced its financial results for the quarter ended September 30, 2007 and held a conference call with investors and analysts revealing that all three of the Company's segments were negatively affected by lower gas prices in the Rocky Mountains, and again on January 24, 2008, after the Company revised its previously announced guidance for the year ending December 31, 2007, the value of Flotek's stock declined significantly.

If you have suffered a net loss for all transactions in Flotek Industries, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    Email Contact