GlobeNewsWire
21 Aug 2026, 20:34 UTC · 2h ago
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Wolfpack Research alleges that Flotek's $400 million contract with the Puerto Rico Electric Power Authority (PREPA), representing approximately 57% of its backlog, has been canceled. — The loss of over half of the company's order backlog represents a massive hit to future revenue projections and valuation.
-0.90A federally appointed financial regulator allegedly revoked authorization of the PREPA deal due to an unauthorized signature and referred the matter for criminal prosecution. — Allegations of criminal misconduct and regulatory fraud introduce severe legal and governance risks beyond simple contract loss.
-0.80The Law Offices of Frank R. Cruz is conducting an investigation into possible violations of federal securities laws by Flotek Industries. — An active investigation by a law firm often precedes a class-action lawsuit, creating potential future liabilities for the company.
-0.40Which stocks this story touches
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The company is facing a securities fraud investigation and allegations of a canceled $400 million contract and potential criminal prosecution.
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PRNewsWire
11h ago
