The legal action, initiated by the firm Robbins LLP, covers investors who acquired Flotek securities between August 3 and August 17, 2026. According to the complaint, Flotek touted a 10-year agreement with the Puerto Rico Electric Power Authority (PREPA) as a cornerstone of its business backlog. However, the firm allegedly omitted critical doubts regarding the financial capacity and experience of the consortium partners involved in the project.
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Flotek Industries Faces Class Action Over Canceled $400 Million Deal
A federal securities class action has been filed against Flotek Industries following allegations that the energy services firm misled investors regarding a major infrastructure contract. The lawsuit centers on the company’s failure to disclose the cancellation of a $400 million power generation project in Puerto Rico.
Market volatility followed an August 17 report by Wolfpack Research, which claimed the contract—representing approximately 57% of Flotek's total backlog—had been terminated. Flotek shares dropped 20.01% that day, closing at $28.66. The company subsequently confirmed that PREPA had ended the power purchase agreement. Investors who incurred losses during this window have until October 26, 2026, to apply for lead plaintiff status in the litigation.
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