NEW YORK, Dec. 17, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Hi-Crush Partners LP ("Hi-Crush" or the "Company") (NYSE: HCLP).
The investigation focuses on whether Hi-Crush and its executives violated federal securities laws by failing to disclose material information about the Company and its future prospects, in particular whether Hi-Crush's August 16, 2012 Initial Public Offering ("IPO") Prospectus failed to inform shareholders that: (1) Baker Hughes Incorporated ("Baker Hughes"), which had been emphasized as one of the Company's largest clients, had sought to alter the terms of its contract with the Company as early as February 2012 and was threatening to cancel its contract with Hi-Crush altogether before the issuance of the Prospectus, and (2) prior to the IPO and the issuance of the accompanying Prospectus, Baker Hughes had already begun refusing to receive or pay for Hi-Crush's sand.
On November 13, 2012, Hi-Crush shocked the market when it disclosed that Baker Hughes had unilaterally repudiated its supply contract with the Company, stating that Hi-Crush was in breach of contract. On this disclosure, Hi-Crush's stock price fell $5.35 per share, or roughly 26.3%, on extremely high trading volume of more than 3.3 million shares.
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If you purchased Hi-Crush stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/HCLP. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Hi-Crush's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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