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

Robbins Umeda LLP Announces The Filing Of A Securities Fraud Class Action Lawsuit Against Hi-Crush Partners LP.

SAN DIEGO and HOUSTON, Nov. 29, 2012  /PRNewswire/ -- Shareholder rights firm Robbins Umeda LLP announces that a complaint has been filed in the U.S. District Court for the Southern District of New York on behalf of investors of Hi-Crush Partners LP (NYSE: HCLP) ("Hi-Crush" or the "Company"). The complaint alleges violations of the Securities Act of 1933 against the Company and certain of its officers and directors concerning Hi-Crush's August 16, 2012 initial public stock offering ("IPO").

(Logo: http://photos.prnewswire.com/prnh/20111014/ROBBINSUMEDALOGO)

Hi-Crush operates as a producer of monocrystalline sand, a mineral that is used as a proppant to enhance the recovery rates of hydrocarbons from oil and natural gas wells. The complaint alleges that, on August 16, 2012, the Company completed its IPO through the sale of 12,937,500 common units at a price of $17 per unit, receiving, approximately $220 million in gross proceeds. Specifically, the complaint alleges that statements contained in the Company's July 6, 2012, Form S-1 Registration Statement contained materially false and misleading statements to investors about one of the Company's largest customer, Baker Hughes Incorporated. Hi-Crush made repeated references to the strength of its relationship with Baker Hughes, and assured investors that the relationship was a stable source of long-term cash flow. Hi-Crush neglected to inform investors that, prior to its issuance, Baker Hughes had sought to change the terms of, or cancel, its supply contract with Hi-Crush.

Then, on November 13, 2012, Hi-Crush announced that Baker Hughes was unilaterally terminating its supply contract with Hi-Crush. On this news, the Company's share price fell 26%, from $20.35 per share on November 12, 2012 to close at $15.00 on November 13, 2012.

If you purchased or otherwise acquired Hi-Crush stock and wish to serve as lead plaintiff, you must act no later than January 22, 2013. To discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, inquiry@robbinsumeda.com, or via the shareholder information form on the firm's website.

Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.

Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/hi-crush-partners/

Attorney Advertising. Past results do not guarantee a similar outcome.

1 of 2

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

Chart of I:DJI
DOW 17,594.62 -3.58 -0.02%
S&P 500 2,097.04 -1.00 -0.05%
NASDAQ 5,107.1380 -8.2440 -0.16%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs