BENSALEM, Pa.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24HL&src=ctag” target=”_blank”gt;$HLlt;/agt; lt;a href=”https://twitter.com/hashtag/classaction?src=hash” target=”_blank”gt;#classactionlt;/agt;–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 [email protected].
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 [email protected],
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.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
