Gainey & McKenna Announces a Securities Fraud Class Action Lawsuit Has Been
Filed Against Hi-Crush Partners LP -- HCLP
NEW YORK, Nov. 26, 2012 (GLOBE NEWSWIRE) -- Gainey & McKenna announces that a
class action lawsuit has been filed in the United States District Court for
the Southern District of New York, on behalf of investors who purchased the
shares of Hi-Crush Partners LP ("Hi-Crush" or the "Company") (NYSE:HCLP) in
and/or following the Company's initial public offering completed on or about
August 16, 2012 (the "IPO"). 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 Hi-Crush's Registration Statement issued in
connection with its August 16, 2012 IPO was negligently prepared and, as a
result, contained untrue statements of material facts.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 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."However, 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.
If you wish to serve as lead plaintiff, you must move the Court no later than
January 21, 2013. A lead plaintiff is a representative party acting on behalf
of other class members in directing the litigation. If you wish to join the
litigation, or to discuss your rights or interests regarding this class
action, please contact Thomas J. McKenna, Esq. of Gainey & McKenna at (212)
983-1300, or via e-mail at email@example.com.
While Gainey & McKenna did not file the Complaint in this matter, the firm,
with offices in New York and New Jersey, regularly prosecutes cases on behalf
of shareholders in state and federal courts throughout the United States.
CONTACT: Thomas J. McKenna, Esq.
Gainey & McKenna
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