LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that 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”) have until January 22, 2013 to file a motion with the Court to be appointed as lead plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Southern District of New York.
“loss of or reduced purchasing by any of them could adversely affect our results of operations.”
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 IPO, 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, 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 purchased Hi-Crush securities pursuant to the Company’s August 16, 2012 IPO, 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 action at this time; you may retain counsel of your choice or take no action and remain an absent Class member. To learn more about this action, or if you 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, 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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