Investor Class Action Filed Over Fracking Software
Following allegations of myriad problems with its fracking analysis software FracMax, Flotek Industries is now facing a class action lawsuit filed on behalf of the Houston-based energy company's investors.
November 17, 2015 at 09:00 AM
3 minute read
Following allegations of myriad problems with its fracking analysis software FracMax, Flotek Industries is now facing a class action lawsuit filed on behalf of the Houston-based energy company's investors.
The class action suit, Ho v. Flotek Industries, was recently filed in the U.S. District Court for the Southern District of Texas, Houston Division. Flotek is a diversified global supplier of drilling and production products and services to the energy and mining industry. FracMax is a patent-pending mobile application designed by Flotel, which presents analytical data for hydraulically fractured wells across the United States.
The lawsuit was filed on behalf of all persons or entities that purchased the common stock of Flotek between Oct. 23, 2014, and Nov. 9, inclusive (the class period).
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