LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired 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.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.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.
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If you purchased shares of Hecla during the Class Period you may move the Court no later than July 23, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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