San Diego, CA -- (SBWIRE) -- 02/15/2012 -- The Shareholders Foundation announces that an investor in shares of Molycorp, Inc. (NYSE:MCP) filed a lawsuit in the U.S. District Court for the District of Colorado against Molycorp over alleged Violations of Federal Securities Laws in connection with its “Mountain Pass” mining operation.
Investors who purchased shares of Molycorp, Inc. (NYSE:MCP) have certain options and for certain NYSE:MCP stockholders are strict and short deadlines running. Deadline: April 3, 2012. All NYSE:MCP stockholders 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 of Molycorp, Inc. (NYSE:MCP) common stock during the period between March 9, 2011 and November 10, 2011, that Molycorp, Inc. certain of its officers and directors 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
Molycorp, Inc. reported that its annual Revenue rose from $7.09million in 2009 to $35.16million in 2010, however its Net Loss increased from $28.59million for ’09 to $49.09million in 2010.
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 price fell, dropping from $38.70 per share on November 10, 2011 to $33.45 per share on November 11, 2011, or 13.6%.
NYSE:MCP traded in the end of December 2011 at slightly below $23.50 per share and closed on February 3, 2012, at $29.77 per share.
Those who purchased shares of Molycorp, Inc. (NYSE:MCP), including but not limited to those who purchased NYSE:MCP between March 9, 2011 and November 10, 2011, have certain options and there are strict and short deadlines running. Deadline: April 3, 2012. All NYSE:MCP stockholders should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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