MINNEAPOLIS, March 7, 2012 (GLOBE NEWSWIRE) -- Lockridge Grindal Nauen P.L.L.P. announces that a class action has been commenced in the United States District Court for the District of Colorado on behalf of those who purchased Molycorp, Inc. ("Molycorp" or the "Company") (NYSE:MCP) publicly traded securities during the period March 9, 2011 through November 10, 2011 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before April 3, 2012. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that Defendants' false and misleading statements about the capability of the Company's "Mountain Pass" mining operation and the Company's earnings caused its common stock to trade at artificially inflated prices. The Complaint claims the Defendants misrepresented and/or failed to disclose the following adverse facts: 1) the Company'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 2) 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, dropping from $38.70 per share on November 10, 2011 to $33.45 per share on November 11, 2011, or 13.6%.
If you purchased or acquired Molycorp, Inc. stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Karen H. Riebel, Esq. (khriebel@locklaw.com)
Lockridge Grindal Nauen P.L.L.P.
100 Washington Avenue South, Suite 2200
Minneapolis, MN 55401
(612) 339-6900