Crestview Sued by Investors Over $270 Million Fracking Deal

Former US Well Services Inc. investors are suing Crestview Partners LP affiliates in Delaware over the fracking company’s $270 million sale to ProFrac Holding Corp., owned by the billionaires Dan and Farris Wilks.

The lawsuit takes aim at the November 2022 transaction, which allegedly let the New York private equity firm cash out certain stock warrants and roll over other its holdings into ProFrac, depending on which was more profitable. The suit also targets former USWS board members, most of them with connections to Crestview or ties to the blank-check company that took the fracking business public.

The complaint in ...