NEW YORK, March 23, 2012 (GLOBE NEWSWIRE) -- Shareholders of Hecla Mining Company ("Hecla" or the "Company") (NYSE:HL) are reminded of the securities class action lawsuit filed against the Company and certain of its officers. The securities class action (12-cv-067) in United States District Court, District of Idaho, is on behalf of all persons who purchased Hecla Mining Company ("Hecla" or the "Company") (NYSE:HL) securities between October 26, 2010 and January 11, 2012, inclusive (the "Class Period"). This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against the Company and certain of its top officials.
If you are a shareholder who purchased Hecla securities during the Class Period, you have until April 2, 2012 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Complaint alleges that throughout the Class Period, the Company made false and/or misleading statements and/or failed to disclose that: (1) the Company was not in compliance with safety regulations at its Lucky Friday mine; (2) the Company had allowed sand and concrete material to improperly build up in the Silver Shaft over a period of years, creating a safety hazard; (3) following the December closure, the Company would be unable to reestablish mining operations at the Lucky Friday mine by February 2012; (4) the Company improperly accounted for its contingent liabilities in violation of Generally Accepted Accounting Principles; and (5) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times concerning the Company's operations and its expected silver production.
On January 11, 2012, Hecla disclosed that the Mine Safety and Health Administration had ordered the Silver Shaft at the Lucky Friday mine closed due to built-up of sand and concrete material over a number of years in the shaft. On these revelations, Hecla shares declined $1.23 per share or 21%, to close at $4.61 per share on January 11, 2012.
The Pomerantz Firm, with offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.