San Diego, CA-- (SBWIRE) -- 02/22/2012 -- The Shareholders Foundation announces following a lawsuit filed earlier for certain NYSE:HL investors now certain directors and officers of Hecla Mining Company (NYSE:HL) are direclty under the investigation concerning potential breaches of fiduciary duties owed to current long term investors in Hecla Mining Company (NYSE:HL) shares in connection with operational problems at its Lucky Friday mining unit.
Investors who are current long term investors in Hecla Mining Company (NYSE:HL) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
In April 2011 and November two fatal accidents occurred at Hecla’s Lucky Friday mine in Northern Idaho. In December 2011, Hecla Mining Company announced that another accident happened at its the Lucky Friday mine that injured seven miners. Shortly after that Hecla Mining Company said that it will develop a new haulage way to bypass the rock burst that occurred at the Lucky Friday mine earlier in December and that is expected to be complete the bypass by the end of February 2012.
Then on January 11, 2012, Hecla Mining Company reported that MSHA has ordered the Silver Shaft, a one-mile deep shaft from surface and the primary access to the Lucky Friday mine, closed for removal of built-up material in the shaft. Hecla Mining Company said that compliance with this order is expected to take through year-end.
NYSE:HL dropped from slightly below $6 per share on Jan. 10, 2012 to as low as $4.31 per share on January 11, 2012, less than half of its value one year earlier.
Shortly after the January 11 announcement an investor filed a lawsuit in the U.S. District Court for the District of Idaho alleging Helca Mining Company violated Federal Securities Laws by issuing allegedly materially false and misleading statements regarding Hecla Mining’s business and financial results. Specifically, the plaintiff alleges, that the defendants failed to disclose operational problems at its Lucky Friday mining unit. The lawsuit was filed only for investors who purchased NYSE:HL shares between October 26, 2010 and January 11, 201.
However, the investigation by the law firm over potential breaches of fiduciary duties by certain officers and directors is for current investor who purchased NYSE:HL shares between October 26, 2010 and January 11, 2012 and also for those who purchased (also) prior to October 26, 2010 and continue to hold at least some of their NYSE:HL shares.
Those who are current long term investors in Hecla Mining Company (NYSE:HL) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego