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Molycorp retreats after disclosing formal SEC probe

Rare earth mining company Molycorp (MCP) fell after the company reported in an regulatory filing that the SEC had initiated a formal investigation of the company. The probe will cover several areas, including "the accuracy of the company's public disclosures," Molycorp stated. Molycorp's disclosure and the subsequent decline in the stock caused trading in the shares to be paused for a single-stock circuit breaker before trading was resumed. In late morning trading, Molycorp had fallen 65c, or 7.49%, to $8.03.