Faruqi & Faruqi, LLP Announces Investigation of Hecla Mining Co.

Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Hecla Mining Co. (“Hecla” or the “Company”) (NYSE: HL).

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On April 15, 2011, a fatal accident occurred at Hecla's Lucky Friday mine in Northern Idaho, prompting the Mine Safety Health Administration (“MSHA”) to launch an investigation of the facility and a temporary closure of the mine. On November 18, 2011, Hecla announced that a new accident had taken place at the Lucky Friday mine, prompting a “temporary” re-closure of the mine, pending another MSHA investigation. On November 19, Hecla announced that the November 18 accident had been fatal for one miner.

The MSHA completed its Report of Investigation of the April 15, 2011 fatal accident, concluding that “Management did not conduct an evaluation, engineering analysis, or risk assessment to determine the structural integrity of the stope back.” Furthermore, the root cause analysis stated that “Management policies, procedures, and controls failed to ensure appropriate supervisors or other designated persons examined and tested ground conditions to determine if additional ground control measures needed to be taken to ensure the safety of miners prior to commencing work in the stope.”

On December 15, 2011, a rock burst forced a third closure of the Lucky Friday mine. Then, on December 21, 2011, Hecla reported that the Company would develop a new haulage way to bypass the rock burst for February 2012, and predicted only a two month loss of production.

However, on January 11, 2012, Hecla reported that the MSHA had ordered the Lucky Friday mine closed for removal of debris from the shaft, and that production could not be expected to be resumed until early 2013. The Company also announced that 2012 production is now estimated at only 7 million ounces, down from the projected 9 to 10 million ounces. On this devastating news, Hecla shares plummeted by over 20%.

The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Hecla safety measures at the Lucky Friday mine were inadequate and failed to comply with MSHA standards; (2) the December closure of the Lucky Friday mine would require a significant amount of time to address; and (3) the Company's positive statements regarding expected production and earnings lacked a reasonable basis when made.

Take Action

If you purchased Hecla securities and would like to discuss your legal rights, visit www.faruqilaw.com/HL. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Hecla conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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