Press release from Business Wire
Investor Alert: Kahn Swick & Foti, LLC and Partner Former Louisiana Attorney General Remind Investors With Large Financial Interests of Lead Plaintiff Deadline in Lawsuit Molycorp, Inc.
Monday, February 06, 2012
Investor Alert: Kahn Swick & Foti, LLC and Partner Former Louisiana Attorney General Remind Investors With Large Financial Interests of Lead Plaintiff Deadline in Lawsuit Molycorp, Inc.11:47 EST Monday, February 06, 2012 NEW ORLEANS (Business Wire) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until March 26, 2012 to file lead plaintiff applications in a securities class action lawsuit against Molycorp, Inc. (“Molycorp”) (NYSE:MCP), if they purchased the Company's common stock during the period between March 9, 2011 and November 10, 2011 (the “Class Period”). The lawsuit was filed in the U.S. District of Colorado. What You May Do If you purchased shares of Molycorp and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (firstname.lastname@example.org), toll free, 877-515-1850, or via cell phone any time at 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. (email@example.com), toll free at 877-694-9510, or via cell phone any time at 330-860-4092. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by April 3, 2012. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. About the Lawsuit Molycorp and certain of its senior executives are charged with issuing a series of materially false and misleading statements, during the Class Period, in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. The complaint alleges that, during the Class Period, defendants made materially false and misleading statements, including that: (a) Molycorp's development of its Mountain Pass mine was not progressing according to plan; (b) that the Company was not on schedule to reach its 2012 and 2013 production rates; and (c) these production problems came at the same time demand for the Company's products was declining. It was only on November 10, 2011, that investors learned the truth about Molycorp after it reported disappointing revenue and earnings results for the third quarter 2011, and when it revealed the problems related to its Mountain Pass operations. Immediately following these belated disclosures, shares of the Company's fell over 13.5% - falling from $38.70 per share to $33.45 per share, on heavy trading volume. About Kahn Swick & Foti, LLC KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. To learn more about KSF, you may visit www.ksfcounsel.com. Kahn Swick & Foti, LLCLewis Kahn, Managing Partner, 877-515-1850or after hours via cell phone firstname.lastname@example.org