NEW YORK, Nov. 29, 2012 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Hi-Crush Partners LP ("Hi-Crush" or the "Company") who purchased Hi-Crush common stock between August 16, 2012 and November 28, 2012 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Hi-Crush and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Hi-Crush engages in the mining and processing of raw sands for use in hydraulic fracturing operations in oil and gas wells. In connection with the Company's August 16, 2012 initial public offering, Hi-Crush filed a Prospectus and Registration Statement with the Securities and Exchange Commission stating that Baker Hughes Oilfield Operations, Inc. ("Baker Hughes"), is also one of the Company's largest customers. The Company further stated that substantially all of its sales are generated under contracts with four customers, and that the "loss of or reduced purchasing by any of them could adversely affect our results of operations."
On November 13, 2012 the Company disclosed that on September 19, 2012 Baker Hughes provided notice that it was terminating a supply agreement with the Company. On November 12, 2012 Hi-Crush formally terminated the supply agreement and filed a lawsuit in the State District Court of Harris County, Texas, against Baker Hughes, alleging wrongful termination of the supply agreement.
On this news, Hi-Crush stock price fell by 26% or $5.35 per share to close at $15.00 per share on November 13, 2012.
The Pomerantz Firm, with offices in New York, Chicago, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP email@example.comSource:Pomerantz Grossman Hufford Dahlstrom & Gross LLP