8K: Molycorp Restates Year End Financials Downward by $1.69 Mil. (MCP)

Playing a bit fast and loose with the numbers eh?
This may end up being one of those "pssst buy the stock" wink and a nudge set-ups but at the moment I'm more troubled by the inventory revision than I am by the share sale.
From the May 25 8K:

In connection with the filing of a registration statement on Form S-1 on May 24, 2011, Molycorp, Inc. (the “Company”) revised its consolidated financial statements (i) as of and for the year ended December 31, 2010, and cumulatively for the period from June 12, 2008 (Inception) through December 31, 2010, and (ii) as of and for the three months ended March 31, 2011, and cumulatively for the period from June 12, 2008 (Inception) through March 31, 2011, in each case for an overstatement of Work in Process (“WIP”) inventory.

     The Company determined that its work in process inventory of ceric hydrate was overstated by approximately $1.7 million as of December 31, 2010 and by approximately $3.0 million as of March 31, 2011, $1.3 million of which related to the three months ended March 31, 2011 and $1.7 million related to the fourth quarter of 2010, which was also revised. The Company has assessed the materiality of this misstatement in accordance with the SEC’s Staff Accounting Bulletin (“SAB”) No. 99 and concluded that this error is not material to its previously issued consolidated financial statements. Accordingly, by reference to SAB No. 108, the Company’s previously issued consolidated financial statements have been revised in the registration statement as follows:

		Year Ended and as of
		December 31, 2010
		As
		Previously
		Reported				Revision				As Revised
		(In thousands, except per share amounts)
Cost of goods sold		$	(35,902	)		$	(1,689	)		$	(37,591	)
Net loss			(49,085	)			(1,689	)			(50,774	)
Loss per basic/diluted common share			(0.79	)			(0.02	)			(0.81	)
Current inventory			20,511				(1,689	)			18,822
Current assets			355,121				(1,689	)			353,432
Total assets			481,249				(1,689	)			479,560
Total stockholders’ equity			448,202				(1,689	)			446,513