This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

33 Days Remain Before Deadline In Lawsuit Against Hecla, Hagens Berman Reminds Investors

BERKELEY, Calif., Feb. 29, 2012 /PRNewswire/ -- Hagens Berman today reminded investors that only 33 days remain before the April 2, 2012, lead plaintiff deadline in a securities lawsuit filed against Hecla Mining Company (NYSE: HL) ("Hecla").

Investors who purchased Hecla stock between Oct. 26, 2010, and Jan. 11, 2012 (the "class period"), are encouraged to contact Hagens Berman Partner Reed Kathrein by calling (510) 725-3000. Mr. Kathrein is leading Hagens Berman's investigation. Investors may also contact the firm via email at HL@hbsslaw.com or by visiting www.hbsslaw.com/HL.

Hecla mines precious minerals, including gold, silver, lead and zinc. The minerals are sold to smelters, consumers and other precious metal traders.

The lawsuit was filed on Feb. 1, 2012, in the United States District Court for the District of Idaho. It alleges that Hecla and its directors misled shareholders by issuing false statements in violation of the Securities Exchange Act of 1934.

The complaint claims that Hecla experienced serious operational problems at its Lucky Friday unit, including safety concerns, but failed to disclose these issues to its shareholders. The problems ultimately proved so serious that the Mine Safety and Health Administration (MSHA) fined Hecla and ordered the company to close the mine.

Specifically, MSHA claimed that safety concerns contributed to the death of one miner in an April, 2011 accident. MSHA conducted a full inspection of the mine and on Jan. 5, 2012, ordered that it be closed so that unsafe material could be removed.

On Jan. 11, 2012, Hecla announced that it would close the Lucky Friday mine for up to one year to address safety issues. As a result of the closure, Hecla estimated that its silver production in 2012 would be reduced from 9 million ounces to 7 million ounces.

The lawsuit alleges that Hecla was obligated to disclose to the public and to investors that the Lucky Friday mine was unsafe and the extent of any safety violations.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,673.83 -4.40 -0.02%
S&P 500 2,060.10 +3.95 0.19%
NASDAQ 4,879.6870 +16.3250 0.34%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs