Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Hi-Crush Partners LP (“Hi-Crush” or the “Company”) and certain of its officers and directors violated Sections 11, 12(a) (2) and 15 of the Securities Act of 1933.
The first of several class action lawsuits was filed in the U.S. District Court for the Southern District of New York by another law firm on behalf of all persons or entities who purchased the common stock of Hi-Crush Partners LP (NYSE: HCLP) in or following the Company's initial public offering completed on or about August 16, 2012 (the "IPO").
Hi-Crush sold almost 13 million units in an IPO priced at $17.00 on August 16, 2012. In the offering documents the Company disclosed that substantially all of its sales were generated from contracts with just four customers, including customer Baker Hughes, Inc. The complaint alleges that the Registration Statement was false and misleading in that it failed to disclose that: (1) prior to the IPO, Baker Hughes sought to change material terms of and was threatening to cancel its supply agreement with the Company; (2) according to Baker Hughes, Hi-Crush had been or was violating confidentiality provisions of that agreement; and (3) as a result of the foregoing, Baker Hughes would repudiate all of its obligations under its contract with Hi-Crush, materially decreasing the Company’s revenues and profits.
On November 13, 2012, Hi-Crush reported that almost two months prior to that time Baker Hughes had notified the Company of its intent to terminate its supply agreement and that on November 12, Hi-Crush formally terminated that supply agreement and sued Baker Hughes for breach of contract. The price of Hi-Crush shares fell from $20.35 to $15.00 on November 13.
Cohen Milstein encourages all investors who purchased Hi-Crush common stock in or following the IPO or former employees with information concerning this matter to contact the firm.
If you are a Hi-Crush shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you wish to serve as lead plaintiff, you must move the Court no later than January 21, 2013 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and Palm Beach Gardens, and is active in major litigation pending in federal and state courts throughout the nation.
The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: email@example.com; firstname.lastname@example.org