BALA CYNWYD, Pa., Sept. 24, 2013 /PRNewswire/ -- Law Office of Brodsky & Smith, LLC announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all those investors who purchased or otherwise acquired shares of Molycorp, Inc. (NYSE: MCP) ("Molycorp" or the "Company") between August 2, 2012 and August 7, 2013, inclusive (the "Class Period").
Click here to learn more http://brodsky-smith.com/648-mcp-molycorp-inc.html, or call: 877-534-2590. There is no cost or obligation to you.
The Complaint alleges that the defendants violated the Securities Act of 1934 by failing to disclose during the Class Period that the Company's reported inventory was materially understated and that the Company had materially overstated its income tax benefit in the first quarter of 2013. This resulted in a cumulative overstatement of costs of sales and understatement of current inventory of approximately $16.0 million, and income tax benefit in the first quarter of 2013 to be overstated by approximately $6.5 million. In addition, the consolidated assessment of normal production levels was understated by approximately $17.4 million and consolidated total write-down of inventory was overstated by $18.0 million. As a result, the value of Molycorp shares declined significantly.
If you are a member of the class described above, you may, not later than October 14, 2013, move the Court to serve as a lead plaintiff of the class, if you so choose. If you purchased shares of Molycorp stock during the Class Period and wish to discuss this action, you may e-mail or call the Law Office of Brodsky & Smith, LLC who will, without obligation or cost to you, answer your questions. Please contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at email@example.com, by visiting http://brodsky-smith.com/648-mcp-molycorp-inc.html, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Brodsky & Smith, LLC
|Law Office of Brodsky & Smith, LLC Notifies Biolase, Inc. Investors of Upcoming October 22, 2013 Deadline in Putative Class Action Lawsuit - BIOL (2013/10/14)|
|Law Office of Brodsky & Smith, LLC Notifies Inteliquent, Inc. Shareholders of October 8, 2013 Deadline in Putative Class Action Lawsuit (2013/9/16)|
|Law Office of Brodsky & Smith, LLC Notifies Linn Energy Investors of September 9, 2013 Deadline in Putative Class Action Lawsuit (2013/9/4)|
|Law Office of Brodsky & Smith, LLC Notifies Tower Group International Ltd. Investors of Upcoming October 21, 2013 Deadline in Putative Class Action Lawsuit (2013/10/7)|
|Law Office of Brodsky & Smith, LLC Notifies ATP Oil & Gas Corporation Investors of Upcoming October 4, 2013 Deadline in Putative Class Action Lawsuit - ATPAQ ()|
|Law Office of Brodsky & Smith, LLC Notifies Tower Group International Ltd. Investors of Upcoming October 21, 2013 Deadline in Putative Class Action Lawsuit - TWGP ()|
|Law Office of Brodsky & Smith, LLC Notifies KiOR Investors of October 21, 2013 Deadline in Putative Class Action Lawsuit - KIOR (2013/9/3)|
|SHAREHOLDER ALERT: Law Office of Brodsky & Smith, LLC Announces Investigation of Investors Capital Holdings, Ltd. - ICH ()|
|SHAREHOLDER ALERT: Law Office of Brodsky & Smith, LLC Announces Class Action Lawsuit Against Home Federal Bancorp, Inc. ()|
|SHAREHOLDER ALERT: Law Office of Brodsky & Smith, LLC Files a Class Action Lawsuit Against Chindex International, Inc. - CHDX (2014/2/21)|
|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.