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Molycorp, Inc.

Case Summary

Molycorp, Inc. Securities Litigation

Case Summary

Case Status:    SETTLED
On or around 06/16/2017 (Date of order of final judgment)

Filing Date: February 03, 2012

According to a press release dated February 3, 2012, the complaint charges the Company and certain of its officers and directors with violations of the Securities Exchange Act of 1934.

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 throughout the Class Period. Specifically, the plaintiffs claims the defendants misrepresented and/or failed to disclose the following adverse facts during the Class Period: (a) 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 (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, dropping from $38.70 per share on November 10, 2011 to $33.45 per share on November 11, 2011, or 13.6%, on heavy trading volume.

On May 29, 2012, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel. On July 31, 2012, plaintiffs filed their consolidated complaint.

On October 4, 2012, plaintiffs filed Notice of voluntary dismissal of a certain defendant.

An amended and consolidated complaint was filed on May 29, 2015.

On October 27, 2016, the parties filed a Stipulation of Settlement.

On March 6, 2017, the Court preliminarily approved the Settlement. On June 16, the Court approved the plan of allocation, awarded attorneys' fees and expenses, and entered Final Judgment.

Company & Securities Information

Defendant: Molycorp, Inc.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Metal Mining
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MCP
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

Angelo Albano, et al. v. Molycorp, Inc., et al.

COURT: D. Colorado
DOCKET #: 12-CV-00292
JUDGE: Hon.William J. Martinez
DATE FILED: 02/03/2012
CLASS PERIOD START: 03/09/2011
CLASS PERIOD END: 11/10/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  2. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
  3. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Plaintiff’s Class Action Complaint for Violation of The Federal Securities Laws 02/03/2012
2 Order Granting Molycorp Shareholder Group’s Motion For Appointment As Lead Plaintiff And Approval Of Their Selection Of Lead Counsel 05/29/2012

Reference Complaint

In re Molycorp, Inc. Securities Litigation

COURT: D. Colorado
DOCKET #: 12-CV-00292
JUDGE: Hon.William J. Martinez
DATE FILED: 05/29/2015
CLASS PERIOD START: 02/07/2011
CLASS PERIOD END: 11/10/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  2. Kessler Topaz Meltzer & Check LLP (Pennsylvania)
    280 King of Prussia Road, Kessler Topaz Meltzer & Check LLP (Pennsylvania), PA 19087
    610.667.7706 610.667.7706 · info@ktmc.com
  3. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Plaintiff's Consolidated Class Action Complaint for Violations of Federal Securities Laws 07/31/2012
2 Plaintiffs' Notice of Voluntary Dismissal of Defendant KMSMITH LLC 10/04/2012
3 First Amended Consolidated Class Action Complaint for Violations of the Federal Securities Laws 05/29/2015
4 Stipulation of Settlement 10/27/2016
5 Order Preliminarily Approving Settlement, Approving Notice to the Class, and Scheduling a Final Approval Hearing 03/06/2017
6 U.S. District Court Civil Docket 06/16/2017
7 Final Judgment and Order of Dismissal with Prejudice 06/16/2017
8 Order Awarding Attorneys' Fees and Expenses 06/16/2017
 
 

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