SOURCE: Izard Nobel LLP

August 10, 2009 14:35 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Flotek Industries, Inc.

WEST HARTFORD, CT--(Marketwire - August 10, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of Texas on behalf of those who purchased the common stock of Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) between May 8, 2007 and January 23, 2008, inclusive (the "Class Period").

The Complaint charges that Flotek and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following adverse facts: (i) 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; (ii) the Company's operating profit margins were being negatively impacted as customers increasingly opted to rent equipment instead of purchasing it; (iii) sales in the Company's chemicals division were declining due to a decrease in fracing activity; and (iv) 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, Flotek announced that the Company was revising its previously announced guidance for the year ending December 31, 2007. On this news, Flotek fell $7.60 per share, or 30%, to close at $17.86 per share, on January 24, 2008.

If you are a member of the class, you may, no later than October 6, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

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