Ryan & Maniskas, LLP (
) 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 all persons or entities who purchased the common stock of Hi-Crush Partners LP (“Hi-Crush” or the “Company”) (NYSE: HCLP) in and/or following the Company’s initial public offering completed on or about August 16, 2012 (the “IPO”).
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at
The complaint charges Hi-Crush, certain of its officers and directors and the underwriters of its IPO with violations of the Securities Act of 1933. The complaint alleges that the Registration Statement issued in connection with the Company’s August 16, 2012 IPO was negligently prepared and, as a result, contained untrue statements of material facts, omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation.
Specifically, the complaint alleges that the Registration Statement highlighted Baker Hughes Incorporated (“Baker Hughes”) as one of Hi-Crush’s two largest customers and emphasized that it was obligated to purchase sand 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.” According to the complaint though, 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 are a member of the class, you may, no later than January 21, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.