Molycorp MCP Securities Stock Fraud

Company:	Molycorp
Ticker Symbol:	MCP
Class Period:	Mar-9-11 to Nov-10-11
Date Filed:	Feb-6-12
Lead Plaintiff Deadline:	Apr-6-12
Court:	District of Colorado
Allegations:

West Hartford, CT: A securities lawsuit seeking class action status has been filed in the United States District Court for the District of Colorado on behalf of purchasers of the common stock of Molycorp, Inc. ("Molycorp" or the "Company") between March 9, 2011 and November 10, 2011, inclusive (the "Class Period").

The Complaint alleges that Molycorp and certain of its officers and directors violated the federal securities laws. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts during the Class Period: (i) Molycorp's development and expansion of the Mountain Pass mine was not progressing on schedule and would not allow the Company to reach rare earth oxide production rates at the end of calendar 2012 and 2013; and (ii) end users had been reducing demand for the Company's products as prices for rare earth elements increased.

On November 10, 2011, the Company reported disappointing third quarter 2011 revenues and earnings results below analysts' estimates 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 Company's stock price fell from $38.70 per share on November 10, 2011 to $33.45 per share on November 11, 2011, or 13.6%.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Molycorp MCP Securities Fraud Legal Help

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Published on Feb-7-12