This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Bronstein, Gewirtz & Grossman, LLC Announces That A Class Action Has Been Filed Against Hi-Crush Partners LP.

Stocks in this article: HCLP

NEW YORK, Nov. 29, 2012 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, announces that a class action has been filed in the United District Court for the Southern District of New York on behalf of purchasers of the securities of Hi-Crush Partners LP. ("Hi-Crush" or the "Company") (NYSE:HCLP), who purchased shares securities pursuant to the Company's August 16, 2012 Initial Public Offering, concerning whether the company and certain of its officers and directors have violated federal securities laws.

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.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. January 21, 2013, is the deadline for investors to seek a lead plaintiff appointment.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs