The Law Offices of Kenneth A. Elan announces today that it commenced a lawsuit against Molycorp, Inc. (“Molycorp” or the “Company”) (NYSE:MCP) pursuing claims in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased Molycorp securities from August 2, 2012 through August 7, 2013 (the “Class Period”).
Molycorp is one of the leading manufacturers of custom engineered rare earth and rare metal products. The Company produces and sells rare earth and rare metal materials in the United States and internationally.
On August 8, 2013, the Company disclosed that the Audit and Ethics Committee of the Company's Board of Directors determined that its unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2013 should no longer be relied upon because they contained an error with respect to the reconciliation of its physical inventory to the general ledger, which resulted in a cumulative overstatement of costs of sales and understatement of current inventory of approximately $16.0 million. This error also caused the income tax benefit in the first quarter of 2013 to be overstated by approximately $6.5 million, the disclosure of the consolidated assessment of normal production levels to be understated by approximately $17.4 million, and the consolidated total write-down of inventory to be overstated by $18.0 million.
On this news, shares fell $0.71, approximately 9.72%, to close at $6.69 per share on August 9, 2013.
If you acquired Molycorp securities during the Class Period, you may, no later than October 14, 2013, request that the court appoint you lead plaintiff of the proposed class. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members, including decisions concerning settlement. If you have any questions about this matter, and any rights you might have with respect to these claims, contact Kenneth Elan at firstname.lastname@example.org or by telephone at (212) 619-0261.
The Law Offices of Kenneth A. Elan
Kenneth Elan, 212-619-0261
|Kirby McInerney LLP Announces a Class Action Lawsuit Has Been Filed on Behalf of Molycorp, Inc. Investors ()|
|Law Offices of Howard G. Smith Announces a Class Action Lawsuit Has Been Filed Against Aegerion Pharmaceuticals, Inc. (2014/1/29)|
|Morgan & Morgan Announces That Class Action Lawsuits Have Been Filed Against Nu Skin Enterprises, Inc. -- NUS (2014/1/24)|
|Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Tri-Tech Holding Inc. -- TRIT (2013/12/26)|
|Morgan & Morgan Announces That Class Action Lawsuits Have Been Filed Against Conn's, Inc. -- CONN (2014/3/13)|
|Law Offices of Howard G. Smith Announces a Shareholder Class Action Lawsuit Has Been Filed against AmTrust Financial Services, Inc. (2014/2/18)|
|Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Conn's, Inc. -- CONN (2014/3/7)|
|Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Galena Biopharma, Inc. -- GALE (2014/3/7)|
|Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against InterCloud Systems, Inc. -- ICLD (2014/3/27)|
|Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Imperva, Inc. -- IMPV (2014/4/11)|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.