BALA CYNWYD, Pa., Sept. 24, 2013 /PRNewswire/ -- Law Office of Brodsky & Smith, LLC announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all those investors who purchased or otherwise acquired shares of Molycorp, Inc. (NYSE: MCP) ("Molycorp" or the "Company") between August 2, 2012 and August 7, 2013, inclusive (the "Class Period").
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The Complaint alleges that the defendants violated the Securities Act of 1934 by failing to disclose during the Class Period that the Company's reported inventory was materially understated and that the Company had materially overstated its income tax benefit in the first quarter of 2013. This resulted in a cumulative overstatement of costs of sales and understatement of current inventory of approximately $16.0 million, and income tax benefit in the first quarter of 2013 to be overstated by approximately $6.5 million. In addition, the consolidated assessment of normal production levels was understated by approximately $17.4 million and consolidated total write-down of inventory was overstated by $18.0 million. As a result, the value of Molycorp shares declined significantly.
If you are a member of the class described above, you may, not later than October 14, 2013, move the Court to serve as a lead plaintiff of the class, if you so choose. If you purchased shares of Molycorp stock during the Class Period and wish to discuss this action, you may e-mail or call the Law Office of Brodsky & Smith, LLC who will, without obligation or cost to you, answer your questions. Please contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at email@example.com, by visiting http://brodsky-smith.com/648-mcp-molycorp-inc.html, or calling toll free 877-LEGAL-90.Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.