- Flotek Industries (NYSE:FTK) fell nearly 20% in today's trade after a negative report by Bronte Capital's John Hempton accused the company of repeatedly using "data [that] looks like it was made up or at least systematically rigged."
- The report challenged statements by FTK CEO John Chisholm that its citrus-based complex nano-fluid surfactants increase the production of crude oil and natural gas from fracking of existing or recently completed wells; Hempton wrote that production figures provided by the company to investors supporting its assertions does not match data given to Texas regulators before and after FTK products were used.
- FTK responded just before the close with a statement reaffirming its presence at tomorrow's Stephens investment conference, where it says it will answer questions concerning today's news and trading activity; FTK says data for its FracMax product accurately assess well performance and the benefits.