Mammoth Energy Settles Investors' Fraud Suit For $11M

By Clark Mindock (May 3, 2021, 4:57 PM EDT) -- Mammoth Energy Services Inc. agreed to pay a group of investors $11 million to settle allegations it inflated its stock price by concealing a bribery scheme to land a gig restoring Puerto Rico's power grid after Hurricane Maria.

In a motion filed Friday, the group of investors said that the settlement had been struck after 18 months of hard-fought litigation. The deal was only reached, however, shortly after an Oklahoma federal judge trimmed the suit earlier this year, opening up discovery and leading to what investors said was new details that could have expanded the suit once again.

The investors claimed that...

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