LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed on behalf of a class (the “Class”) consisting of all purchasers of the common stock of Hi-Crush Partners LP (“Hi-Crush” or the “Company”) (NYSE:HCLP) between August 5, 2011 and October 31, 2012, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Act of 1933.
To join the Hi-Crush class action or view a copy of the Complaint, please visit our website at http://www.glancylaw.com or contact us by phone at (310) 201-9150, Toll-Free at (888) 773-9224 or by email to firstname.lastname@example.org. The lawsuit is pending in the United States District Court for the Southern District of New York.
NO CLASS HAS YET BEEN CERTIFIED IN THIS ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. TO BE A MEMBER OF THE CLASS, YOU NEED NOT TAKE ANY ACTION AT THIS TIME TO REMAIN AN ABSENT CLASS MEMBER OR YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
Hi-Crush engages in the mining and processing of raw sands for use in hydraulic fracturing operations in oil and gas wells. In connection with the Company’s August 16, 2012 initial public offering, Hi-Crush filed a Prospectus and Registration Statement with the Securities and Exchange Commission stating that Baker Hughes Oilfield Operations, Inc. (“Baker Hughes”), a provider of pressure pumping services in North America, is also one of the Company’s largest customers. The Company further stated that substantially all of its sales are generated under contracts with four customers, and that the “loss of or reduced purchasing by any of them could adversely affect our results of operations.”
The Class Action Complaint alleges that the Prospectus contained numerous false and misleading statements concerning Baker Hughes, including that the Prospectus: (1) failed to inform shareholders that Baker Hughes had sought to change the material terms of its contract with the Company as early as February 2012 and was threatening to cancel its contract altogether prior to the issuance of the Prospectus, and (2) failed to inform shareholders that prior to the IPO and the issuance of the accompanying Prospectus Baker Hughes began refusing to take or pay for Hi-Crush’s sand.
If you wish to serve as lead plaintiff, you must file a motion with the Court no later than January 22, 2013; however, you must meet certain legal requirements. The lead plaintiff serves as a representative of other Class members by working with the attorneys to direct the litigation. If you wish to join this action, learn more about this action, or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com.
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