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If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at firstname.lastname@example.org or Mr. Glenn at email@example.com.
The complaint alleges that Molycorp and certain of its officers and directors violated federal securities laws by issuing materially false and misleading statements regarding the Company's business and prospects. Specifically, it is alleged that the 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; and (b) 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 from $38.70 per share on November 10, 2011 to $33.45 per share on November 11, 2011, or approximately 13.6%.
If you purchased Molycorp common stock during the Class Period, you may request that the Court appoint you as lead plaintiff of the class no later than April 3, 2012. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in investor rights litigation.
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