San Diego, CA -- (SBWIRE) -- 07/18/2012 -- Several current long-term investors in NYSE:MCP shares filed lawsuits against certain Molycorp officers and directors over alleged breaches of fiduciary duties that allegedly exposed the mining company to hundreds of millions of dollars in liability and damages to its reputation.
Investors who are current long term stockholders in 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 plaintiff alleges that the defendants breached their fiduciary duty, wasted corporate assets, and abused their control. Specifically the plaintiffs allege that defendants made a number of improper statements that inflated Molycorp’s stock price and defendants embarked on a pump-and-dump scheme that would reap them, and those that control them, more than $1.5 billion in ill-gotten gains.
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
Within less than 12months shares of Molycorp, Inc. (NYSE:MCP) fell from as high as 64.53 on August 1, 2011 to as low as $19.46 per share on July 17, 2012.
Those who are current long term investors in 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