48 Days Remain Before Deadline in Lawsuit Against Hecla, Hagens Berman Reminds Investors
Hagens Berman today reminded investors of the April 2, 2012 deadline in
a securities class-action lawsuit filed against Hecla Mining Company
(NYSE: HL) on behalf of shareholders.
Investors who purchased or otherwise acquired shares of Hecla′s common
stock between Oct. 26, 2010, and Jan. 11, 2012 (the 'class period?) are
encouraged to contact Hagens Berman Partner Reed Kathrein by calling
(510) 725-3000. Mr. Kathrein is leading Hagens Berman′s investigation.
Investors may also contact the firm via email at HL@hbsslaw.com
or by visiting www.hbsslaw.com/HL.
Those who wish to move the court for lead plaintiff must do so by April
2, 2012.
Hecla mines precious minerals, including gold, silver, lead and zinc.
The minerals are sold to smelters, consumers and other precious metal
traders.
The complaint was filed on Feb. 1, 2012, in the United States District
Court for the District of Idaho. It alleges that Hecla and its directors
misled shareholders by issuing false statements in violation of the
Securities Exchange Act of 1934.
The complaint alleges that Hecla experienced serious operational
problems at its Lucky Friday unit, including safety concerns, but failed
to disclose these issues to its shareholders. The problems ultimately
proved so serious that the Mine Safety and Health Administration (MSHA)
fined Hecla and ordered the company to close the mine.
Specifically, MSHA claimed that safety concerns contributed to the death
of one miner in an April 2011 accident. MSHA conducted a full inspection
of the mine and on Jan. 5, 2012, ordered that it be closed so that
unsafe material could be removed.
On Jan. 11, 2012, Hecla announced that it would close the Lucky Friday
mine for up to a year to address safety issues. As a result of the
closure, Hecla estimated that its silver production in 2012 would be
reduced from 9 million ounces to 7 million ounces.
The lawsuit alleges that Hecla was obligated to disclose to the public
and to investors that the Lucky Friday mine was unsafe and the extent of
any safety violations.
Following the company′s announcement regarding 2012 silver production,
Hecla′s stock fell $1.23 per share, closing at $4.61 per share on Jan.
11, 2012, a more than 20 percent decline. The stock closed just over
$5.00 on February 13, 2012.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law
firm with offices in 10 cities. The firm also represents whistleblowers,
workers and consumers in complex litigation. More about the law firm and
its successes can be found at www.hbsslaw.com.
The firm′s securities law blog is at www.meaningfuldisclosure.com.
Firmani + Associates
Mark Firmani, 206-443-9357
Mark@firmani.com
