Robbins Geller Rudman & Dowd LLP and Kessler Topaz Meltzer & Check, LLP Announce Proposed Settlement of Molycorp Securities Litigation

DENVER, March 28, 2017 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP and Kessler Topaz Meltzer & Check, LLP regarding the Molycorp Securities Litigation:

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLORADO

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION

TO:      ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED MOLYCORP, INC. ("MOLYCORP" OR THE "COMPANY") SECURITIES FROM FEBRUARY 7, 2011 THROUGH NOVEMBER 10, 2011, INCLUSIVE, INCLUDING ALL PERSONS WHO PURCHASED OR ACQUIRED MOLYCORP COMMON STOCK AND/OR MOLYCORP 5.50% SERIES A MANDATORY CONVERTIBLE PREFERRED STOCK ("PREFERRED STOCK") PURSUANT TO THE FEBRUARY 2011 OFFERING, AND ALL PERSONS WHO PURCHASED OR ACQUIRED MOLYCORP COMMON STOCK PURSUANT TO THE JUNE 2011 OFFERING, AND WHO WERE DAMAGED THEREBY

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Colorado, that a hearing will be held on June 16, 2017, at 1:30 p.m., before the Honorable Raymond P. Moore, at the United States District Court for the District of Colorado, Alfred A. Arraj United States Courthouse, 901 19th Street, Courtroom A601, Denver, CO 80294, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-referenced Litigation for the principal amount of $20,500,000.00, plus interest, should be approved by the Court as fair, just, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with Prejudice should be entered by the Court dismissing the Litigation with prejudice; (3) whether the Plan of Allocation of the Settlement proceeds is fair and reasonable and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees and expenses and Lead Plaintiffs' expenses in connection with this Litigation should be approved.

IF YOU PURCHASED OR ACQUIRED SHARES OF THE COMMON STOCK OR PREFERRED STOCK OF MOLYCORP DURING THE PERIOD FEBRUARY 7, 2011 THROUGH AND INCLUDING NOVEMBER 10, 2011, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION.  If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action ("Notice") and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Molycorp Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 30237, College Station, TX 77842-3237, or on the internet at www.molycorpincsecuritieslitigation.com.  If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form by mail (postmarked no later than June 14, 2017), or online at www.molycorpincsecuritieslitigation.com no later than June 14, 2017, establishing that you are entitled to recovery.

If you are a Class Member, you will be bound by any judgment rendered in the Litigation, including the releases provided for in the Settlement, unless you request to be excluded from the Class.  If you desire to be excluded from the Class, you must submit a request for exclusion such that it is postmarked no later than May 22, 2017, in the manner and form explained in the detailed Notice, referred to above.

Any objection to the Settlement, the Plan of Allocation, or the fee and expense application must be received, not simply postmarked, by each of the following recipients no later than May 22, 2017:

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  If you have any questions about the Settlement, you may contact Lead Counsel at the addresses listed above.

SOURCE Robbins Geller Rudman & Dowd LLP; Kessler Topaz Meltzer & Check, LLP