Hecla Mining Company HL Securities Stock Fraud

Company:	Hecla Mining Company
Ticker Symbol:	HL
Class Period:	Oct-26-10 to Jan-11-12
Date Filed:	Feb-28-12
Lead Plaintiff Deadline:	Apr-28-12
Court:	District of Idaho
Allegations:

New York, NY: A federal securities class action (12-cv-067) has been filed in United States District Court, District of Idaho, on behalf of all persons who purchased Hecla Mining Company securities between October 26, 2010 and January 11, 2012, inclusive (the "Class Period"). This class action is brought under the Securities Exchange Act of 1934 and Rule 10b-5 against the Company and certain of its top officials.

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' statements were materially false and misleading at all relevant times concerning the Company' 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 build-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.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Hecla Mining Company HL Securities Fraud Legal Help

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Published on Feb-29-12