Flotek Industries Faces Securities Fraud Lawsuit Over Puerto Rico Contract Dispute

The law firm Pomerantz LLP has initiated a class action lawsuit against Flotek Industries, Inc. and certain of its officers and/or directors. The suit alleges securities fraud and other unlawful business practices.

Investors who purchased or otherwise acquired Flotek securities during the Class Period are advised to contact Pomerantz LLP. The deadline to ask the Court to appoint an investor as Lead Plaintiff is October 26, 2026. The lawsuit stems from a contract Flotek announced with the Puerto Rico Electric Power Authority (PREPA). On August 3, 2026, Flotek announced a 10-year agreement to support a 400 MW natural gas-fired power project, which the company expected to generate approximately $400 million in backlog revenue.

However, the situation became complicated on August 17, 2026, when Wolfpack Research published a report alleging the PREPA contract had been canceled. The report claimed Flotek joined the $6 billion PREPA deal two days after its signing, replacing another contractor, Enchanted Rock, LLC. The report cited federal regulators who reportedly stated that Enchanted Rock's participation was essential and that its name and signature were used without authorization, leading to the revocation of its authorization and a referral for criminal prosecution.

Following this news, Flotek's stock price fell sharply. Furthermore, on August 18, 2026, Puerto Rico's Financial Oversight and Management Board voted to direct PREPA to terminate the power generation contract. While Flotek stated it had not received a formal termination notice, the company's stock price continued to decline.

Pomerantz LLP is a recognized firm specializing in corporate and securities litigation. The firm has a history of recovering substantial damages for class members. Investors are encouraged to contact Pomerantz LLP for more information and to protect their rights.