Hecla Mining Company (NYSE:HL) Investor Lawsuit over Certain Statements Concerning Its Lucky Friday Mine

A lawsuit was filed by an investor in shares of Hecla Mining Company (NYSE:HL) over alleged securities laws violations. Deadline: April 2, 2012, and NYSE: HL stockholders should contact the Shareholders Foundation.


San Diego, CA -- (SBWire) -- 02/06/2012 --The Shareholders Foundation announces that investor in shares of Hecla Mining Company (NYSE:HL) filed a lawsuit against Hecla Mining Co. over alleged Violations of Federal Securities Laws over certain statements also about its Lucky Friday mine operations.

Investors who purchased Hecla Mining Company (NYSE:HL) shares, have certain options and there are strict and short deadlines running for certain NYSE:HL shareholders. Deadline: April 2, 2012. NYSE:HL stockholders should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.

According to the complaint filed in the U.S. District Court for the District of Idaho the plaintiff alleges on behalf of all persons who purchased or acquired the common stock of Helca Mining Company (NYSE:HL) between October 26, 2010 and January 11, 2012, that Helca Mining Company and certain of its officers and directors violated the Securities Exchange Act of 1934.

Specifically, the plaintiff alleges, that the defendants failed to disclose operational problems at its Lucky Friday mining unit.

On April 15, 2011, a fatal accident occurred at Hecla’s Lucky Friday mine in Northern Idaho. The Mine Safety Health Administration (“MSHA”) assembled and sent an accident investigation team to the mine, conducted a physical inspection of the accident scene, interviewed employees, and reviewed documents and work procedures relevant to the accident.

On Nov 18, 2011, Hecla Mining Company (NYSE:HL) reported another accident at its Lucky Friday mine in Northern Idaho on November 17, 2011. The next day Hecla Mining Company disclosed that one miner critically injured at its Lucky Friday mine on November 17, died on November 19, 2011.

On Dec. 15, 2011, Hecla Mining Company announced that another accident happened the day before at its the Lucky Friday mine that injured seven miners. Hecla Mining said the mine was closed pending further investigation and MSHA had been notified.

Then on Dec 21, 2011, Hecla Mining Company (NYSE:HL) announced that it will develop a new haulage way to bypass the rock burst that occurred at the Lucky Friday mine on December 14. Hecla Mining said it is expected to be complete it by the end of February 2012.

Then on January 11, 2012, Hecla Mining Company (NYSE:HL) 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.

Those who purchased Hecla Mining Company (NYSE:HL) shares have certain options should contact the Shareholders Foundation.

Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739

Media Relations Contact

Trevor Allen
General Manager
Shareholders Foundation, Inc.

View this press release online at: http://rwire.com/125729