SOURCE: Dyer & Berens LLP

August 10, 2009 17:40 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased Flotek Industries, Inc. Common Stock Between 5/8/07 and 1/23/08; Announces Upcoming Investor Deadline -- FTK

DENVER, CO--(Marketwire - August 10, 2009) - Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the Southern District of Texas on behalf of investors who purchased Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) common stock between May 8, 2007 and January 23, 2008, inclusive (the "Class Period").

If you wish to serve as a lead plaintiff, you must move the court no later than October 6, 2009. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jeffrey A. Berens, Esq. at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com. Any member of the putative class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint alleges that defendants made a series of materially false or misleading statements about Flotek's business, prospects and operations during the Class Period. Specifically, the complaint alleges that defendants misrepresented and failed to disclose the following adverse facts: (a) 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; (b) that the Company's operating profit margins were being negatively impacted as customers increasingly opted to rent equipment instead of purchasing it; (c) that sales in the Company's chemicals division were declining due to a decrease in fracing activity; and (d) as a result of the foregoing, defendants' positive statements concerning the Company's guidance and prospects were lacking in a reasonable basis at all relevant times.

On January 23, 2008, the Company unexpectedly announced it was revising its guidance downward for the year ending December 31, 2007. In response, the price of Flotek common stock plummeted 30% to close at $17.86 per share on January 24, 2008.

Plaintiff seeks to recover damages on behalf of Flotek investors. The plaintiff is represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.

Contact Information


  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    682 Grant Street
    Denver, CO 80203
    Tel: (888) 300-3362 or (303) 861-1764
    Email: Email Contact
    Website: www.DyerBerens.com