Case Page

 

Case Status:    DISMISSED    
On or around 09/29/2010 (Court's order of dismissal)

Filing Date: August 07, 2009

The original complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges that defendants failed to disclose the following adverse facts, among others: (i) the Company was experiencing weakness in its Rocky Mountain sales region due to its decision to not cut prices to the level of its competitors; (ii) the Company’s operating profit margins were being negatively impacted as customers increasingly opted to rent equipment instead of purchasing it; (iii) sales in the Company’s chemicals division were declining due to a decrease in fracing activity; and (iv) as a result of the foregoing, defendants’ positive statements concerning the Company’s guidance and prospects were lacking in a reasonable basis at all relevant times.

On October 31, 2007, Flotek announced its financial results for the third quarter of 2007, the period ended September 30, 2007. That same day, the Company held a conference call with investors and analysts, during which it was revealed, among other things, that all three of the Company’s segments were negatively affected by lower gas prices in the Rocky Mountains. In response to this announcement, the price of Flotek common stock fell $14.35 per share, or 28%, to close at $36.45 per share, on November 29, 2007, on heavy trading volume. Defendants, however, continued to conceal the full extent of the problems at the Company.

Then, on January 23, 2008, Flotek announced that the Company was revising its previously announced guidance for the year ending December 31, 2007. In response to this announcement, the price of Flotek common stock fell $7.60 per share, or 30%, to close at $17.86 per share, on January 24, 2008, on heavy trading volume.

On December 21, 2009, Judge Sim Lake signed the Order granting the motion to appoint the lead plaintiff and co-lead counsel. On February 4, 2010, the lead plaintiff filed a First Amended Complaint. The defendants responded by filing a motion to dismiss on March 29, 2010. On September 29, 2010, the motion to dismiss was granted. The plaintiffs have not been granted leave to file an amended complaint. The action is now dismissed with prejudice.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Chemical Manufacturing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FTK
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Texas
DOCKET #: 09-CV-02526
JUDGE: Hon. Sim Lake
DATE FILED: 08/07/2009
CLASS PERIOD START: 05/08/2007
CLASS PERIOD END: 01/23/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Dyer & Berens LLP (former)
    682 Grant Street, Dyer & Berens LLP (former), CO 80203-3507
    303.861.1764 303.861.1764 · contact@dyerberens.com
  3. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  4. Schwartz, Junell, Campbell & Oathout, LLP (Houston)
    909 Fannin - Suite 2000, Schwartz, Junell, Campbell & Oathout, LLP (Houston), TX 77010
    713.752.0017 713.752.0327 ·
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 09-CV-02526
JUDGE: Hon. Sim Lake
DATE FILED: 02/04/2010
CLASS PERIOD START: 05/08/2007
CLASS PERIOD END: 01/23/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
  2. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
No Document Title Filing Date