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US Well Services Sued Over Sale to Wilks Brothers Fracking Firm

Oct. 31, 2022, 11:22 PM

Investors sued US Well Services Inc. over concerns that its planned $93 million sale to ProFrac Holding Corp.—controlled by billionaire conservative megadonors Dan and Farris Wilks—was rigged to enrich Crestview Partners, a major USWS backer, at the expense of public shareholders.

The two lawsuits seek files from USWS to probe claims that engineers of the all-stock transaction manipulated it to help Crestview affiliates convert stock warrants and preferred shares they received for free in connection with insider loans to the fracking company. Shareholders approved the deal Monday.

“Crestview appears to have received over 10 million shares of the company’s ...