A Deadline is coming up on January 22, 2013 in the lawsuit for investors in Hi-Crush Partners LP (NYSE:HCLP) and NYSE:HCLP stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 01/17/2013 -- A deadline is coming up on January 22, 2013 in the lawsuit filed for investors of Hi-Crush Partners LP (NYSE:HCLP).
Investors with a substantial investment in Hi-Crush Partners LP (NYSE:HCLP) shares between between August 16, 2012, and November 13, 2012, should get active before the Deadline that is coming up on January 22, 2013 and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
On August 16, 2012, Hi-Crush Partners LP raised proceeds of approximately $220 million in its initial public offering (“IPO”), selling approximately 12.9 million common units at $17 per unit.
The plaintiff alleges that the Registration Statement issued in connection with Hi-Crush Partners’ initial public offering completed on or about August 16, 2012 allegedly highlighted that Baker Hughes Incorporated as one of Hi-Crush Partners’ two largest customers and emphasized that it was obligated to purchase sand from Hi-Crush Partners LP pursuant to a May 2012 “take-or-pay contract” that “require[d]” Baker Hughes Incorporated “to pay a specified price for a specified volume of frac sand each month.”
However, then on November 13, 2012, Hi-Crush Partners LP reported its third quarter 2012 results. Among other things, Hi-Crush Partners LP also disclosed the termination of the supply agreement with Baker Hughes Oilfield Operations, Inc. Hi-Crush Partners LP said that on September 19, 2012, Baker Hughes provided notice that it was terminating the contract. Hi-Crush Partners LP said it believes that Baker Hughes’ termination was wrongful and a direct effort to circumvent its binding purchase obligations under the supply agreement.
Units of Hi-Crush Partners LP (NYSE:HCLP) dropped from $20.79 per unit on Nov. 9, 2012 to as low as $14.42 per share.
On January 18, 2013, NYSE:HCLP shares closed at $16.55 per share, which is significantly below its current all-time high of $23.78 per share.
Those who purchased units of Hi-Crush Partners LP (NYSE:HCLP) between August 16, 2012, and November 13, 2012, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego