SOURCE: Brower Piven, A Professional Corporation

February 14, 2012 16:42 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Hecla Mining Company to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 2, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Feb 14, 2012) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Idaho on behalf of purchasers of the common stock of Hecla Mining Company ("Hecla" or the "Company") (NYSE: HL) during the period between October 26, 2010 and January 11, 2012, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in Hecla Mining Company common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 2, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was not in compliance with safety regulations at its Lucky Friday mine, that the Company had allowed sand and concrete material to improperly build up in the mine shaft over a period of years which created a safety hazard, that following closure the Company would be unable to reestablish mining operations at the Lucky Friday mine by February 2012, and that the Company improperly accounted for its contingent liabilities in violation of Generally Accepted Accounting Principles. According to the complaint, after the Company revealed that the Mine Safety and Health Administration's ("MSHA") closure order following its accident investigation might result in closure of the Lucky Friday mine for up to a year and that estimated silver production for 2012 would decline by approximately 2 million ounces, the value of Hecla shares dropped significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact