FourWorld Capital’s John Addis thinks he has found a beat-up old pick-up truck masquerading as a Rolls Royce in Flotek Industries. Wednesday morning just before the open of trading in New York, Addis announced a short into Flotek, a Houston-based global supplier of drilling supplies. Flotek is a primary marketer of a fracking additive Complex nano-Fluid, known as CnF, a high potency fracking additive that Addis says is being misrepresented.
Addis: Flotek research based in incomplete data
Addis thinks Flotek’s primary revenue driver, CnF, a product that doesn't work as promised and claims that company studies draw false conclusions due to inaccurate data. In a 132-page report released Wednesday, he outlines a series of...
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