Molycorp Investigated by SEC for Accuracy of Compa Molycorp Inc. (MCP) the owner of the largest rare-earths deposit outside of China, said it’s being investigated by the U.S. Securities and Exchange Commission over the accuracy of the company’s public disclosures.
The SEC notified the company of its probe in August, Greenwood Village, Colorado-based Molycorp said today in a filing. Molycorp said in the filing it’s cooperating with SEC staff and can’t predict how long the investigation will take. Jim Sims, a company spokesman, didn’t immediately respond to an e-mail and voice message seeking further comment.
Molycorp fell 11 percent to $7.75 at 11:54 a.m. in New York. The shares have decline 68 percent this year.
Molycorp is increasing output at its Mountain Pass mine in California. The company, which sold shares in a July 2010 initial public offering, acquired Canada’s Neo Material Technologies Inc. in June for C$1.3 billion ($1.3 billion) to add production capacity in China.
https://www.bloomberg.com/news/2012-11-09/molycorp-investigated-by-sec-for-accuracy-of-company-disclosures.html