Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of Idaho on behalf of investors who purchased Hecla Mining Company ("Hecla" or the "Company") (NYSE: HL) stock between October 26, 2010 and January 11, 2012 (the "Class Period").
For more information, click here: http://zlk.9nl.com/hecla-mining-hl.
Due to a series of accidents at the Lucky Friday mine in 2011, the Mine Safety and Health Administration ("MSHA") engaged in a close inspection. In December, MSHA issued an accident report accusing Hecla of safety failures that led to the death of a miner in April 2011. On January 5, 2012, MSHA issued a closure order for the Lucky Friday mine for the removal of built-up material in the shaft that had been leaking into the shaft for a number of years. On January 11, 2012, Hecla announced that the Lucky Friday mine would be closed for up to a year based upon MSHA's order. As a result of the closure, Hecla reduced its estimated silver production for 2012 from more than 9 million ounces to around 7 million ounces. On this news, Hecla stock dropped $1.23 per share, to close at $4.61 per share on January 11, 2012, a one-day decline of 21%.
According to the complaint, during the class period, defendants knew but concealed from the investing public the following materially adverse facts: (a) the Company was not in compliance with safety regulations at its Lucky Friday mine; (b) the Company had allowed sand and concrete material to improperly build up in the mine shaft over a period of years, creating a safety hazard; (c) following the mandated closure in January, the Company would be unable to reestablish mining operations at the Lucky Friday mine by February 2012, as the Company had previously represented; (d) the Company improperly accounted for its contingent liabilities in violation of Generally Accepted Accounting Principles; and (e) based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's operations and its expected silver production.
If you suffered a loss in Hecla you have until April 2, 2012to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/hecla-mining-hl.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.
| Levi & Korsinsky, LLP |
| Joseph Levi, Esq. |
| Eduard Korsinsky, Esq. |
| 30 Broad Street - 15th Floor |
| New York, NY 10004 |
| Tel: (212) 363-7500 |
| Toll Free: (877) 363-5972 |
| Fax: (212) 363-7171 |
www.zlk.com |
Contacts:
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky,
Esq.
212-363-7500 or 877-363-5972
