I will start with the feat that leads me to believe that this might be the case. Shadow Strike:
You can deal precision damage, such as sneak attack damage, against targets with concealment (but not total concealment).
In the sneak attack feature for rogues it reads:
The rogue must be able to see the target well enough to pick out a vital spot and must be able to reach such a spot. A rogue cannot sneak attack while striking a creature with concealment.
Clearly Sneak Attack cant normally be used on concealed targets but Shadow Strike allows it. Thus far there is no problem and everything makes sense. Further Swashbucklers have:
Precise Strike (Ex): At 3rd level, while she has at least 1 panache point, a swashbuckler gains the ability to strike precisely with a light or one-handed piercing melee weapon (though not natural weapon attacks), adding her swashbuckler level to the damage dealt. To use this deed, a swashbuckler cannot attack with a weapon in her other hand or use a shield other than a buckler. She can even use this ability with thrown light or one-handed piercing melee weapons, so long as the target is within 30 feet of her. Any creature that is immune to sneak attacks is immune to the additional damage granted by precise strike, and any item or ability that protects a creature from critical hits also protects a creature from the additional damage of a precise strike. This additional damage is precision damage, and isn't multiplied on a critical hit.
Again nice and clear cut. No damage vs concealment. However if we look at the Precise Strike teamwork feat:
Whenever you and an ally who also has this feat are flanking the same the creature, you deal an additional 1d6 points of precision damage with each successful melee attack. This bonus damage stacks with other sources of precision damage, such as sneak attack. This bonus damage is not multiplied on a critical hit.
There is no mention of concealment. Shadow Strike however implies that all precision damage cant be dealt to targets with concealment (which certainly makes thematic sense), but I can't find any rule that would cause precise strike to fail against a target with concealment. Am I missing something?