The litigation centers on a $400 million deal with the Puerto Rico Electric Power Authority (PREPA) announced by Flotek on August 3, 2026. The complaint alleges that the company failed to disclose significant doubts regarding the financial capacity and organization of the consortium partners involved in the project. These omissions reportedly rendered the company’s public statements about its business prospects materially misleading.
The market reacted sharply on August 17, 2026, when a report by Wolfpack Research revealed the cancellation of the PREPA contract, which accounted for approximately 57% of Flotek's total backlog. Following the disclosure, Flotek's stock price plummeted 20.01%, closing at $28.66 per share. The company later confirmed that the agreement had been terminated effective immediately.
Robbins LLP, a firm specializing in shareholder rights, is currently seeking lead plaintiffs for the lawsuit. Eligible investors who suffered losses during the specified period must submit their applications by October 26, 2026. Participation in the litigation is handled on a contingency fee basis, meaning there is no upfront cost for those involved. Shareholders interested in the proceedings or seeking further information may contact attorney Aaron Dumas, Jr. or reach the firm at (800) 350-6003.
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