Lead Plaintiff Deadline is July 23, 2019
NEW YORK, June 06, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Hecla Mining Company (NYSE: HL) securities between March 19, 2018 and May 8, 2019 (the “Class Period”).
Investors who purchased the shares of Hecla Mining Company are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the shares of Hecla Mining Company, you may, no later than July 23, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Hecla Mining Company.
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The filed complaint alleges that throughout the Class Period, defendants falsely and misleadingly represented that their Nevada operations would be “accretive” and cash flow positive, or at the very least “self-funding.” Specifically, the filed complaint alleges that defendants were aware from their extensive due diligence that the Nevada operations had material problems in terms of excessive water, equipment availability, achieving enough development to have consistent production, and lack of characterization of
ore types, among other things.
On May 9, 2019, pre-market, Hecla announced its financial and operating results for the first quarter of 2019. Hecla disclosed a “comprehensive review” of its Nevada operations that it characterized during a subsequent conference call as “really just asking the question, are we going to get the return for the investment we’re making.” Hecla disclosed that its Nevada operations suffered from negative cash flow and other negative operating metrics, that it was unclear whether Hecla would ever get a positive return on its investment in the Nevada operations, and that Hecla might write off the Nevada operations.
Additionally, Hecla reported a net loss of over $25 million for the first quarter of 2019 based in large part on a gross loss of $13.8 million from its Nevada operations.
Following these disclosures, Hecla’s stock price fell $0.48 per share, or roughly 23.5%, over the following two trading days, closing at $1.56 per share on May 10, 2019.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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