NEW YORK, Sept. 9, 2023 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Hawaiian Electric Industries, Inc. (“Hawaiian Electric” or the “Company”) (NYSE: HE) and reminds investors of the October 23, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Hawaiian Electric stock or options between February 28, 2019 and August 16, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/HE.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or 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; (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; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Hawaiian Electric, together with its subsidiaries, engages in the electric utility, banking, and non-regulated renewable/sustainable infrastructure investment businesses in the state of Hawaii. The Company provides service to 95% of Hawaiian residents and operates in three segments, including the Electric Utility segment, which engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai.
In early August 2023, a series of severe wildfires broke out in Hawaii, predominantly on the island of Maui. The most destructive fire began in West Maui near the town of Lahaina on the morning of August 8, 2023. By that afternoon, intense winds had knocked down approximately 30 utility poles throughout Maui, resulting in at least 15 separate outages impacting more than 12,400 customers. Moreover, videos captured by local residents showed that downed power lines belonging to Hawaiian Electric appeared to have ignited at least several of the fires. Ultimately, the wind-driven fires prompted evacuations, caused widespread damage, and have killed at least 114 people, with some 850 others still missing in Lahaina.
On August 12, 2023, news outlets began reporting that Hawaiian Electric lacked the proper policies and procedures to mitigate the impact of the wildfires. Specifically, it was revealed that, at the time the wildfires began, the Company did not maintain a public power shutoff plan—i.e., a plan in which electricity is intentionally cut off to areas where strong wind events could cause the fires to spread.
On this news, Hawaiian Electric’s stock price fell $10.94 per share, or 33.76%, to close at $21.46 per share on August 14, 2023.
Then, on August 16, 2023, the Wall Street Journal (“WSJ”) 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.
Finally, on August 17, 2023, the WSJ reported that Hawaiian Electric had for years been aware of the threat posed by wildfire but waited years to act. Indeed, the WSJ stated that between 2019 and 2022 the Company spent less than $245,000 on wildfire-specific projects on Maui and did not seek state approval to raise utility rates to pay for broad wildfire safety improvements until 2022.
Following the publication of the WSJ articles, Hawaiian Electric’s stock price fell $2.54 per share, or 17.43%, to close at $12.03 per share on August 17, 2023.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Hawaiian Electric’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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