SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

February 07, 2012 17:50 ET

Denver-Based Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased Molycorp, Inc. Common Stock between 3/9/11 and 11/10/11; Announces Investor Deadline (MCP)

DENVER, CO--(Marketwire - Feb 7, 2012) - Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado, Civil Action No. 12-cv-00292-WJM, on behalf of all persons who purchased or otherwise acquired Molycorp, Inc. (NYSE: MCP) common stock between March 9, 2011 and November 10, 2011, inclusive (the "Class Period").

What actions may I take at this time? If you purchased or acquired shares during the Class Period and wish to serve as a lead plaintiff, you must request an appointment by the court no later than April 3, 2012. If you would like to discuss this action, the lead plaintiff process, or have any questions concerning this notice, please contact plaintiff's counsel, Jeffrey A. Berens, Esq. at (888) 300-3362 x302 or via email at jeff@dyerberens.com. Any member of the putative class may request a lead plaintiff appointment through counsel of its choice or may choose to do nothing and remain an absent class member.

What are the allegations in the complaint? Defendant Molycorp is a rare earth element mining company which maintains its principle offices in Greenwood Village, Colorado. The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts during the Class Period: (a) 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; (b) end users had been reducing demand for the company's products as prices for rare earth elements increased; and (c) the lack of progress in development and expansion of the Mountain Pass mine made it difficult, if not impossible, for the company to produce and deliver certain magnet products to its key customers. Based upon the foregoing, the complaint charges the company and certain of its officers with violations of the Securities Exchange Act of 1934.

About Dyer & Berens LLP. The plaintiff is represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors.

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 x302
    Email: Email Contact
    Website: www.DyerBerens.com