Friday, November 29, 2019 3:57:14 PM
https://www.wsj.com/articles/SB10001424127887324439804578109000920251888
The funny thing about this is Mark resigned shortly afterward. Jim Sims is on record saying it had nothing to do with the investigation. He said, “As Molycorp transitions from a development-stage company to an operational one, a different style of management was needed to run it.”
https://www.reuters.com/article/molycorp-ceoresignation/update-2-molycorp-ceo-quits-amid-sec-investigation-idUSL4N09L65R20121211
Yet we hear this team constantly say they aren’t in this for the development, they really want to operate a mine. Quite the contradiction, but that’s a genius of spin at work.
More of your Mark:
http://securities.stanford.edu/filings-case.html?id=104852
Google Molycorp lawsuit and Stanford. They have more documentation publicly available than any other source I’ve seen.
Per Mr. Kennedy, the plaintiffs agreed to the $20M settlement just a few months too soon after getting tired of the legal maneuvering by Molycorp to delay. It was shorty after the settlement was reached that it was discovered that Goldman Sachs did indeed sell before the IPO because they were provided information by management that the rare earths that Molycorp claimed they had did not exist at Mountain Pass. Smith, Sims, and the rest of this team were fully aware that their resource estimates in the technical filings were inaccurate but chose not to inform other investors.
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