Hawaiian Electric Industries, Inc.
Lead Plaintiff Deadline 10/23/2023
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Hawaiian Electric Industries, Inc. (“Hawaiian Electric” or the “Company”) (NYSE: HE) securities during the period from February 28, 2019 through August 16, 2023, inclusive (the “Class Period”). Investors have until October 23, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
In August 2023, a series of wildfires broke out in Hawaii, predominantly on the island of Maui. On August 12, 2023, news outlets began reporting that Hawaiian Electric did not have a plan to shut off power in advance of the Hawaii wildfires and lacked the proper policies and procedures to mitigate the impact of the wildfires. On this news, the price of Hawaiian Electric shares declined by $10.94 per share, or approximately 34%, from $32.40 per share to close at $21.46 on August 14, 2023.
On August 16, 2023, the Wall Street Journal reported that Hawaiian Electric is meeting with firms that specialize in restructuring advisory work, exploring options for the various financial and legal challenges that the Company faces as a consequence from the Maui wildfires. Then on August 17, 2023, the Wall Street Journal reported that Hawaiian Electric had for years been aware of the threat posed by wildfire but waited years to act, spending less than $245,000 on wildfire-specific projects on Maui. On this news, the price of Hawaiian Electric shares declined by $2.54 per share, or approximately 17%, from $14.57 per share to close at $12.03 on August 17, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Hawaiian Electric’s wildfire prevention and safety protocols and procedures were inadequate to meet the challenges for which they were ostensibly designed; and (ii) accordingly, despite knowing the degree of risk that wildfires posed to Maui, the Company’s inadequate safety protocols and procedures placed Maui at a heightened risk of devastating wildfires.
In August 2023, a series of wildfires broke out in Hawaii, predominantly on the island of Maui. On August 12, 2023, news outlets began reporting that Hawaiian Electric did not have a plan to shut off power in advance of the Hawaii wildfires and lacked the proper policies and procedures to mitigate the impact of the wildfires. On this news, the price of Hawaiian Electric shares declined by $10.94 per share, or approximately 34%, from $32.40 per share to close at $21.46 on August 14, 2023.
On August 16, 2023, the Wall Street Journal reported that Hawaiian Electric is meeting with firms that specialize in restructuring advisory work, exploring options for the various financial and legal challenges that the Company faces as a consequence from the Maui wildfires. Then on August 17, 2023, the Wall Street Journal reported that Hawaiian Electric had for years been aware of the threat posed by wildfire but waited years to act, spending less than $245,000 on wildfire-specific projects on Maui. On this news, the price of Hawaiian Electric shares declined by $2.54 per share, or approximately 17%, from $14.57 per share to close at $12.03 on August 17, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Hawaiian Electric’s wildfire prevention and safety protocols and procedures were inadequate to meet the challenges for which they were ostensibly designed; and (ii) accordingly, despite knowing the degree of risk that wildfires posed to Maui, the Company’s inadequate safety protocols and procedures placed Maui at a heightened risk of devastating wildfires.