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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!