Hecla Mining Company
| Company Name | Hecla Mining Company |
| Stock Symbol | HL |
| Class Period | March 19, 2018 to May 08, 2019 |
| Lead Plaintiff Motion Deadline | July 23, 2019 |
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.
Submit Your Information
If you suffered a loss on your Hecla Mining Company investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.