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Hecla Mining Sued Over Unprofitable $462M Gold Mines

Law360 (June 11, 2019, 9:24 PM EDT) -- Investors in a gold mining operation filed a proposed class action in New York federal court Tuesday alleging that $462 million in new mines the company bought in Nevada that were supposed to be lucrative have turned out to be duds, driving down stock prices and losing the company millions.

Hecla Mining Co. and its top officers misled investors into believing the Nevada properties would be at least "self-funding" in the beginning if not somewhat profitable, according to the complaint.

But in reality, they knew very well that the land was troubled by lack of proper equipment, too much water, inconsistent...

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Court

New York Southern

Nature of Suit

Securities/Commodities

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Date Filed

May 24, 2019

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