Molycorp Pump-And-Dump Investor Suits Punted To Del.

Law360, New York (May 17, 2012, 2:41 PM EDT) -- Shareholders accusing Molycorp Inc.'s top brass and private equity backers of a $1.5 billion pump-and-dump scheme will have to re-file their derivative suits in Delaware Chancery Court after a Colorado federal judge on Wednesday deferred to the nation's premier business court.

In dismissing Molycorp shareholder Thomas B. Wells' suit, U.S. District Judge William Martinez said Delaware Chancery Court, where two more derivative actions alleging the same misconduct are already open, is the most suitable venue for the case.

The defendants — all of Molycorp's board members,...
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Case Information

Case Title

Wells v. Smith et al


Case Number

1:12-cv-00447

Court

Colorado

Nature of Suit

Stockholders Suits

Judge

William J. Martinez

Date Filed

February 20, 2012

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