LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of the securities of Hi-Crush Partners LP (“Hi-Crush” or the “Company”) (NYSE:HCLP) pursuant or traceable to the Company’s August 16, 2012 initial public offering (the “IPO”).
Hi-Crush engages in the mining and processing of “frac sand” for use in hydraulic fracturing operations in oil and gas wells. In connection with the IPO, Hi-Crush filed with the Securities and Exchange Commission a Prospectus and Registration Statement (collectively, the “Registration Statement”) 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 Complaint alleges that the Registration Statement misrepresented or omitted material information concerning Baker Hughes, including that: (i) as early as February 2012 Baker Hughes sought to change material terms of its contract with Hi-Crush and had expressed an unwillingness to comply with the current contract; and (ii) prior to the IPO, Baker Hughes began refusing to take or pay for Hi-Crush’s frac sand.
If you are a member of the above-described Class, you may move the Court no later than January 22, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.