BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Hecla Mining Company (“Hecla” or the “Company”) (NYSE: HL) securities between March 19, 2018 and May 8, 2019, inclusive (the “Class Period”). Hecla investors have until July 23, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Hecla investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On May 9, 2019, the Company announced its first quarter 2019 financial and operating results as well as a “comprehensive review” of its Nevada operations. The Company revealed that the Nevada operations had experienced a negative cash flow and operating metrics, which could lead to a writedown of the recently-acquired assets. Also, the Company reported a $25 million net loss for first quarter of 2019 as a result of its Nevada operations.
On this news, the Company’s share price fell $0.48 per share, or over 23%, over two trading days to close at $1.56 on May 10, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) Hecla’s Nevada operations were hemorrhaging cash due to serious problems which Hecla had identified prior to the start of the Class Period; (2) due to these serious problems, the defendants had no reasonable basis for their representations that the Nevada operations would be in a position to have positive or self-funding cash flow; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased shares of Hecla, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.