A lawsuit was filed on behalf of investors in Molycorp Inc (NYSE:MCP) shares over alleged securities laws violations. Deadline: October 14, 2013. NYSE:MCP investors should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 08/26/2013 -- An investor, who purchased shares of Molycorp Inc (NYSE:MCP), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Molycorp Inc in connection with certain allegedly false and misleading statements made between August 2, 2012 and August 7, 2013.
Investors who purchased a significant amount of shares of Molycorp Inc (NYSE:MCP) between August 2, 2012 and August 7, 2013, and / or those who purchased NYSE:MCP shares prior to August 2012 and currently hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: October 14, 2013. Molycorp Inc (NYSE:MCP investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers Molycorp Inc (NYSE:MCP) common stock during the period between August 2, 2012 and August 7, 2013, that Molycorp Inc and certain of its officers violated the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that defendants made false and/or misleading statements and/or failed to disclose that Molycorp Inc’s reported inventory was materially understated, that Molycorp Inc overstated its income tax benefit in the first quarter of 2013 by approximately $6.5 million, that Molycorp Inc lacked adequate internal and financial controls, and that as a result of the foregoing, Molycorp Inc’s statements were materially false and misleading at all relevant times.
Molycorp Inc (NYSE:MCP) reported that its annual Total Revenue increased from $396.83 million in 2011 to $528.91 million in 2012, while its Net Income of $117.53 million in 2011 declined to a Net Loss of $449.55 million in 2012.
Shares of Molycorp Inc (NYSE:MCP) declined from as high as $74.22 per share in April 2011 to as low as $4.88 per share in April 2013.
On August 8, 2013 Molycorp Inc reported its second quarter 2013 results. Among other things, Molycorp Inc reported that its quarterly Total Revenue declined from $146.37 million in the first quarter 2013 to $136.86 million in the second quarter 2013 and that its Net Loss increased from $47.22 million in the first quarter 2013 to $71.17 million in the second quarter 2013.
Shares of Molycorp Inc (NYSE:MCP) closed on August 23, 2013 at $6.44 per share, which is less than half its 52 week High of $14.44 per share.
Those who purchased shares of Molycorp Inc (NYSE:MCP), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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