Haeggquist & Eck has commenced an investigation on behalf of investors who purchased Molycorp Inc. (NYSE: MCP) Senior Convertible 6.00% Notes due 9/1/2017 (the “Notes”). Specifically,Haeggquist & Eck is investigating whether Molycorp and its top executives and officers made false and misleading statements in the prospectus and registration statement that the Company provided when issuing the Notes to the public on August 17, 2012.
On August 17, 2012, Molycorp sold approximately $360 million worth of Notes to the investing public via a public offering (the “Offering”). Haeggquist & Eck is investigating whether, at the time of the Offering, Molycorp executives failed to disclose that Molycorp’s reported inventory was materially understated and that Molycorp’s lacked adequate internal and financial controls.
On August 8, 2013, Molycorp reported its second quarter 2013 results. Among other things, Molycorp reported that is quarterly Total Revenue declined from $146.37 million in the first quarter 2013 to $136.86 million in the second quarter 2013 and that its Net Loss increased from $47.22 million in the first quarter 2013 to $71.17 million in the second quarter 2013. The Molycorp Notes are now trading at approximately $59, down from the offering price of $100.
What You Can Do
If you purchased Molycorp Notes and have suffered a loss, you may have legal claims against Molycorp’s Officers and Directors. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact the attorneys at Haeggquist & Eck, LLP. There is no cost to you.