NEW YORK, Dec. 1, 2012 (GLOBE NEWSWIRE) -- The Rosen Law Firm announced today that a class action lawsuit has been filed on behalf of investors who purchased Hi-Crush Partners LP (NYSE:HCLP) stock in or after the Company's August 2012 initial public offering (the "IPO").
If you purchased Hi-Crush shares in the IPO or anytime thereafter, you may join the class action by visiting the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint alleges that Hi-Crush's IPO documents contained inaccurate statements of material fact. The Complaint alleges that the IPO documents highlighted Baker Hughes Incorporated ("Baker Hughes") as one of Hi-Crush's two largest customers and emphasized that it was obligated to purchase from Hi-Crush pursuant to a May 2012 "take-or-pay contract" that "require[d]" Baker Hughes "to pay a specified price for a specified volume of frac sand each month." However, on November 13, 2012, Hi-Crush was forced to disclose that Baker Hughes had unilaterally repudiated that supply contract, stating Hi-Crush was in breach. On this disclosure, Hi-Crush's stock price fell $5 per share, or 25%, on extremely high trading volume of more than 3.3 million shares trading.
If you wish to serve as lead plaintiff, you must move the Court no later than January 26, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or discuss your rights or interests regarding the class action, please contact Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Prior results do not guarantee a similar outcome.