Flotek Industries Faces Class Action Lawsuit Over Contract Cancellation

Flotek Industries, an energy technology and services company, is the subject of a class action lawsuit filed by shareholder rights law firm Robbins LLP. The lawsuit alleges that Flotek failed to disclose critical information to investors concerning the cancellation of a major contract.

The complaint covers the period between August 3, 2026, and August 17, 2026, during which investors purchased or acquired Flotek Industries securities. The core allegations center on the company's alleged failure to disclose credible reasons to doubt the experience, organization, and financial capacity of the consortium parties involved in a power generation project for the Puerto Rico Electric Power Authority (PREPA). This alleged omission, according to the suit, created a risk that revenue from the contract would not be realized.

On August 3, 2026, Flotek announced it had secured a 10-year agreement for a 400 MW natural gas-fired power generation project with PREPA, anticipating a revenue backlog of approximately $400 million. However, on August 17, 2026, Wolfpack Research published a report claiming the contract had been canceled. Flotek's stock price subsequently dropped 20.01% on the news.

Flotek later confirmed that PREPA had terminated the power purchase and operating agreement. Robbins LLP is reminding investors who suffered significant losses during the specified period that they may be eligible to lead the class action lawsuit. A deadline of October 26, 2026, has been set for potential lead plaintiffs to come forward. Participation in the lawsuit is free of charge, and investors are encouraged to contact Robbins LLP for further details.