Fracking Co. To Settle Investor Fraud Suit For $3.9M

By Sarah Jarvis (May 16, 2022, 10:13 PM EDT) -- Liberty Oilfield Services Inc. has reached a $3.9 million deal to settle a suit brought by investors who accused the fracking company of producing false financial statements ahead of a $220 million initial public offering, according to a motion seeking initial approval of the settlement.

Lead plaintiff Cipriano Correa and named plaintiff Marc Joseph said in a Friday settlement agreement — filed along with their unopposed motion for preliminary settlement approval — that while they believe their claims have merit, there is a "substantial" risk in continuing litigation. They said there are inherent problems regarding proof, possible defenses to the violations they allege...

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