Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Hi-Crush Partners LP
Law Offices of Howard G. Smith 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 consisting of 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 raw sands for use in hydraulic fracturing operations in oil and gas wells. In connection with the 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 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.
No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Hi-Crush securities on August 16, 2012 or thereafter, you have certain rights, and have until January 22, 2013 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.