Overview
- A federal complaint filed on behalf of Flotek purchasers covers the period between August 3 and August 17, 2026 and alleges the company and certain officers made false or misleading statements about the PREPA consortium’s experience and financial capacity.
- Flotek shares fell sharply after Wolfpack Research published an August 17 report claiming the $400 million PREPA contract had been canceled, with the stock dropping about 20% on heavy volume.
- The company announced on August 18 that the Financial Oversight and Management Board for Puerto Rico voted to direct PREPA to terminate the 10‑year contract, and Flotek confirmed PREPA delivered a formal termination notice on August 19.
- Multiple plaintiff firms, including Faruqi & Faruqi, Rosen and Bronstein Gewirtz & Grossman, are soliciting investors to join the suit and advising that motions to be appointed lead plaintiff are due by October 26, 2026.
- No class has been certified and the claims remain unproven, so investors should note that any recovery depends on lead‑plaintiff appointment, subsequent litigation or settlement, and discovery that could reveal why the contract failed and how much investors lost.