Law Offices of Howard G. Smith reminds investors of the upcoming July 23, 2019 deadline to file a lead plaintiff motion in the class action 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).
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 Companys 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 Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) Heclas 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 Companys public statements were materially false and misleading at all relevant times.
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 if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you 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.
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