This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wolf Haldenstein Adler Freeman & Herz LLP Commences Class Action Lawsuit On Behalf Of Hi-Crush Partners LP Investors

On November 27, 2012, Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court, Southern District of New York, on behalf of all persons who purchased Hi-Crush Partners LP (“Hi-Crush” or the “Company”) (NYSE: HCLP) common units pursuant and/or traceable to the Prospectus (the “Class”), against the Company and certain of the Company’s officers and directors, alleging claims under Sections 11, 12, and 15 of the Securities Act of 1933 (“Securities Act”).

The case name is styled Sesholtz v. Hi-Crush Partners LP, et al., Civil Action No. 12-8610. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com.

The complaint details that on August 21, 2012, Hi-Crush completed its initial public offering (“IPO”) of 12,937,500 common units representing limited partner interests in the Partnership (“Common Units”) sold at a price to the public of $17 per common unit under the symbol “HCLP.”

The offering was described in a Form S-1 Registration Statement filed with the SEC and disseminated to investors on July 6, 2012, and it was amended on August 3, 2012 and August 7, 2012. Among other things, the Prospectus touted the existence and benefit of specific lucrative long-term contracts with large customers, including Baker Hughes Incorporated (“Baker Hughes”). It was not until after the IPO that the truth about the problems with Baker Hughes began to emerge. On November 13, 2012, the Company issued a press release in which Hi-Crush announced that Baker Hughes had terminated the supply agreement with Hi-Crush on September 19, 2012. As a result of the Company’s disclosure of its loss of the Baker Hughes contract, the price of Hi-Crush Common Units dropped $5.35 to close at $15.00 - a one-day decline of over 26%.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs