An investigation for current long term stockholders of shares in Molycorp Inc (NYSE:MCP) over potential wrongdoing by certain officers and directors of Molycorp Inc was announced and current long-term NYSE:MCP stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 11/13/2012 -- An investigation on behalf of investors in shares of Molycorp Inc (NYSE:MCP) was announced concerning whether certain Molycorp Inc (NYSE:MCP officers and directors possibly breached their fiduciary duties in connection with the recently announced investigation by the SEC..
Investors who are current long-term stockholders of shares of Molycorp Inc (NYSE:MCP), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Molycorp Inc (NYSE:MCP officers and directors breached their fiduciary duties and caused damage to the company. and its shareholders by, among other things, failing to implement adequate internal controls and misstating the company's financial results.
Molycorp Inc (NYSE:MCP) reported that its annual Revenue rose from $35.16 million in 2010 to $396.83 million in 2011 and its Net Loss of $50.77 million in 2010 turned into a Net Income of $117.53 million in 2011.
Shares of Molycorp Inc (NYSE:MCP) grew in 2011 as high as $74.22 per share but fell in August 2012 to as low as $9.52 per share.
Then on November 9, 2012, Molycorp Inc reported its third quarter 2012 results. Among other things, Molycorp Inc (NYSE:MCP) said that ‘In August 2012, the staff of the SEC notified Molycorp Inc that a formal order of investigation had been issued regarding, among other things, the accuracy of our public disclosures. The same day Molycorp Inc issued a statement regarding the Company's disclosure in its third quarter 2012 Form 10-Q with the U.S. Securities and Exchange Commission (SEC) and said that on August 28, 2012, the staff of the SEC requested information from the Company; subsequently, the Company learned that this request for information was in connection with a formal order of investigation pertaining to, among other things, the accuracy of the Company's public disclosures.
Shares of Molycorp Inc (NYSE:MCP) dropped on November 12, 2012 to as low as $6.65 per share.
Those who are current long-term investors of shares of Molycorp Inc (NYSE:MCP), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego