SAN FRANCISCO, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Hawaiian Electric Industries, Inc. (NYSE: HE) equity and bond investors who suffered substantial losses to submit your losses now.
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Hawaiian Electric Industries, Inc. (NYSE: HE) Investigation:
The investigation focuses on Hawaiian Electric’s assurances that it has a robust wildfire mitigation and grid resiliency program that includes, among other things, inspecting its infrastructure.
When historic wildfires recently broke out in Maui, killing dozens of people and causing billions of dollars of damage, the company’s assurances came into question.
On Aug. 12, 2023, The Washington Post reported that “[b]efore the Maui wildfires, Hawaiian Electric did not have a plan – adopted widely in California and other states – to shut off power in certain lines in advance of dangerous winds.” According to the Post “Hawaiian Electric was aware that a power shut-off was an effective strategy, documents show, but had not adopted it as part of its fire-mitigation plans, according to the company and two former power and energy officials interviewed by The Washington Post.” Citing a former member of the Hawaii Public Utilities Commission, the Post reported that the decision to avoid shutting off power “is reflective of the utility’s struggles to bolster its aging and vulnerable infrastructure against wildfires[.]”
Then, on Aug. 16, 2023 Forbes reported that “[a]n unusually sharp reaction to the Lahaina calamity also occurred in the area of credit ratings[]” and “Standard & Poor’s downgraded Hawaiian Electric all the way from BBB- to BB-, three rating notches at once.” CNN Business reported that “S&P Global said the wildfires have placed the company at a higher risk of default[.]”
After the close on Aug. 16, 2023, The Wall Street Journal reported that “Hawaiian Electric is speaking with firms that specialize in restructuring advisory work to address the electric utility’s financial and legal challenges arising from the Maui wildfires, said people familiar with the matter.”
This news drove the price of Hawaiian Electric shares and bonds sharply lower.
“We’re focused on investors’ losses and whether Hawaiian Electric misled investors about its operational safeguards necessary to comply with state safety requirements,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Hawaiian Electric and have substantial losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Hawaiian Electric should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email HE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
