San Diego, CA -- (SBWIRE) -- 03/20/2012 -- An investigation for current investors in NYSE:MCP shares, who purchased NYSE:MCP shares in the initial public offering or closed after July 2010, over potential breaches of fiduciary duties by certain officers and directors of Molycorp. In connection with its mining operation, in particular its “Mountain Pass” mining operation, was announced.
Investors who purchased shares of Molycorp, Inc. (NYSE:MCP) in the July 2010 initial public offering or close after July 2010 have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
An investor NYSE:MCP shares filed already a lawsuit over alleged securities laws violations for investors who purchased their NYSE:MCP shares between March 9, 2011 and November 10, 2011. According to the complaint filed in the U.S. District Court for the District of Colorado the plaintiff alleges on behalf of purchasers of Molycorp, Inc. (NYSE:MCP) common stock during the period between March 9, 2011 and November 10, 2011, that Molycorp, Inc. violated the Securities Exchange Act of 1934. Specifically, the plaintiff alleges that the defendants’ alleged false and misleading statements about the capability of Molycorp’s “Mountain Pass” mining operation and Molycorp’s earnings caused Molycorp common stock to trade at artificially inflated prices between March 9, 2011 and November 10, 2011.
On November 10, 2011, Molycorp, Inc reported its third quarter 2011 revenues and earnings results and announced a reduction in Mountain Pass production guidance for the fourth quarter of 2011 due to expected equipment downtime relating to Mountain Pass engineering and expansion issues.. The plaintiff alleges that the results were below analysts’ estimates
Molycorp’s stock NYSE:MCP rose in April 2011 as high as$74.22 per share and dropped in the end of December 2011 at slightly below $23.50 per share.
On Friday, March 16, 2012 NYSE:MCP shares closed at $28.82 per share.
Those who purchased shares of Molycorp, Inc. (NYSE:MCP) in the July 2010 initial public offering or close after July 2010, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego