A lawsuit accusing Flotek Industries Inc.(NYSE: FLO) of manipulating third-party data to overstate a chemical production has been dismissed, the company said April 4.
A suit filed in the U.S. District Court for the Southern District of Texas contended Flotek and its managers used the data to support the efficacy of their patented Complex nano-Fluid® chemistry products on well performance in an interactive computer model developed for clients as a value validation tool.
U.S. District Judge Alfred H. Bennett concluded that the plaintiffs failed to show any deliberate or fraudulent intent by Flotek to manipulate the data, Flotek said. "Having considered the arguments and the applicable law, the Court grants Defendant's Motion to Dismiss," Judge Bennett wrote in a March 30 ruling.
Flotek chairman and CEO John W. Chisholm said he was confident of the outcome of the case.
The case, 4:15-cv-03327, is in the southern district’s Houston division.
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