A settlement was reached in the lawsuit filed on behalf of certain investors Hi-Crush Partners LP (NYSE: HCLP) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on: January 31, 2015. NYSE: HCLP investors should contact the Shareholders Foundation or send an email to email@example.com
San Diego, CA -- (SBWIRE) -- 12/08/2014 -- A deadline is coming up on January 31, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Hi-Crush Partners LP (NYSE: HCLP) between September 25, 2012 to November 12, 2012.
Investors who purchased a significant amount of shares of Hi-Crush Partners LP (NYSE: HCLP) between September 25, 2012 to November 12, 2012, have certain options and should contact the Shareholders Foundation by email at firstname.lastname@example.org or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Hi-Crush Partners LP (NYSE: HCLP) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/hi-crush-partners-lp-nyse-hclp-investor-securities-class-action-lawsuit-11212012
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is January 31, 2015. The class action administrator for this case is The Garden City Group, Inc.
The lawsuit was originally filed in in the U.S. District Court of the Southern District of New York against Hi-Crush Partners LP over alleged securities laws violations in connection with certain allegedly false and misleading statements in the initial public offering.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased the common stock of Hi-Crush Partners LP (NYSE: HCLP) in and/or following the Company's initial public offering completed on or about August 16, 2012, that Hi-Crush Partners LP and others violated the Securities Act of 1933.
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.
Units of Hi-Crush Partners LP (NYSE: HCLP) reached on Sept. 24, 2012, $22.74 per unit.
However, the plaintiff alleges that the Registration Statement issued in connection with Hi-Crush Partners LP's initial public offering completed on or about August 16, 2012 was allegedly negligently prepared and, as a result, contained allegedly untrue statements of material facts, omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation. Specifically, so the plaintiff, the Registration Statement allegedly highlighted that Baker Hughes Incorporated as one of Hi-Crush Partners LP's 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."
Then on November 13, 2012, before the market opened, 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.
Those who purchased shares of Hi-Crush Partners LP (NYSE: HCLP) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego