- Flotek Industries plunges more than 20% (NYSE:FTK -22.6%) after saying the SEC had opened an inquiry into the reporting and accuracy of its FracMax software as well as the efficacy of its CnF completion chemistries.
- FTK says it has been named as a defendant in several shareholder class action lawsuit as a result of issues raised in an independent report regarding the accuracy of FracMax and the efficacy of CnF.
- In a Q4 update, FTK says CnF Q4 revenue would be flat Q/Q on a ~5% increase in volumes, but the non-CnF chemistry business will be "meaningfully weaker" and the drilling technologies segment will decline 5% Q/Q.