Molycorp Inc (NYSE:MCP) Shareholder Class Action Lawsuit

A class action lawsuit alleging a breach of investors' trust has been filed against Molycorp Inc. On August 14, 2013, an investor who previously bought some of Molycorp's stocks filed a lawsuit against Molycorp Inc. in the U.S. District Court for the Southern District of New York, alleging that they committed violations of Federal Securities laws through making false and misleading statements between August 2, 2012 and August 7, 2013.

If you have purchased shares of Molycorp Inc (NYSE:MCP) between August 2, 2012 and August 7, 2013, call 1-800-934-2921 right now to protect your rights.

Filing deadline:  10/14/2013

This investor has issued a complaint on behalf of all of the people who made a purchase on some of Molycorp Inc.'s common stocks between August 2, 2012 and August 7, 2013. Some of the officials who work for Molycorp Inc. have been charged with violating Rule 10b-5 of the Securities Exchange Act of 1934.

On August 8, 2013, Molycorp Inc. reported that their 2013 second quarter total revenue declined to $136.86 million from $146.37 million in the first quarter of 2013 and that their net loss increased from $47.22 million in this year's first quarter to $71.17 million in this year's second quarter. Molycorp Inc. also reported that their shares fell from $74.22 per share in April 2011 to as low as $4.88 per share in April 2013 and that they had shares close at $6.75 per share on August 14, 2013, a decline of one dollar and 69 cents from the same period a year ago.

This report is in conflict with what the plaintiff claims the defendants earned during this period of time. The plaintiff claims that the defendants may have lied to or misled investors by failing to disclose that they under reported their inventory and overstated the amount of money they derived from income tax benefits in the first quarter of 2013 by approximately $6.5 million as a result of not having enough adequate internal and financial controls.

Own shares of Molycorp Inc (NYSE:MCP)? Contact us to protect your rights.

If you have purchased shares of Molycorp Inc (NYSE:MCP) between August 2, 2012 and August 7, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights. 

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