Hecla Mining Shareholder Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate Possible Breaches of Fiduciary Duty by the Officers and Directors of Hecla Mining Company

DALLAS, Feb. 2, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Hecla Mining Company ("Hecla Mining" or "HL") (NYSE: HL) related to potential securities violations between October 26, 2010 and January 11, 2012 (the "Class Period").

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If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected].  There is no cost or fee to you.

"Recent revelations about the operations at Hecla Mining's Lucky Friday silver mine, including non-compliance with various safety regulations, improper mine operations, and misrepresentations about the closure of the Lucky Friday mine have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Hecla Mining's officers and directors.  Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Hecla Mining/HL stock for all shareholders, including seeking removal of certain officers and directors and monetary payments," said shareholder rights attorney Willie Briscoe.

In a recently filed federal class action complaint, Hecla Mining and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934.  Specifically, the complaint alleges that defendants misrepresented or failed to disclose material operational problems at Hecla Mining's Lucky Friday silver mine. As a result of defendants' false statements, Hecla Mining's stock traded at artificially inflated prices during the Class Period, reaching a high of $11.34 per share on December 29, 2010.  According to the complaint, during the Class Period, defendants knew but concealed from the investing public the following adverse facts: (a) Hecla Mining was not in compliance with safety regulations at its Lucky Friday mine; (b) the company had allowed sand and concrete material to improperly build up in the mine shaft over a period of years, creating a safety hazard; (c) following the December closure, Hecla Mining would be unable to reestablish mining operations at the Lucky Friday mine by February 2012, as the company had previously represented; and (d) the Hecla Mining improperly accounted for its contingent liabilities in violation of Generally Accepted Accounting Principles.  Based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's operations and its expected silver production.  

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

SOURCE Powers Taylor, LLP