Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who acquired Hi-Crush Partners LP (“Hi-Crush” or “the Company”) (NYSE: HCLP) securities pursuant to the Company’s August 16, 2012 Initial Public Offering.
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The complaint alleges that the Registration Statement highlighted Baker Hughes Incorporated as one of Hi-Crush’s largest customers and emphasized that it was obligated to purchase sand from Hi-Crush pursuant to a May 2012 contract. On November 13, 2012, however, Hi-Crush disclosed that Baker Hughes had repudiated that supply contract, stating Hi-Crush was in breach.
According to the complaint, the Registration Statement was false and misleading and/or failed to disclose the following: that (a) after executing the original supply contract with Hi-Crush in October 2011, beginning in February 2012, Baker Hughes began expressing an unwillingness to comply with that contract; (b) six months prior to the IPO, Baker Hughes demanded significant volume and other concessions resulting in the execution of an amended supply contract; (c) according to Baker Hughes, Hi-Crush had, or was, violating confidentiality provisions in the supply contract; and (d) as a result, Baker Hughes would repudiate all its financial obligations under the supply contract, materially decreasing Hi-Crush’s revenues and profits under the supply contract.
If you suffered a loss in Hi-Crush you have until January 21, 2013
to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at
or by telephone at (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.