RADNOR, Pa., Aug. 23, 2023 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) is currently investigating potential violations of the federal securities laws on behalf of investors of Hawaiian Electric Industries, Inc. (NYSE: HE) (“Hawaiian Electric”).
On August 13, 2023, The Washington Post published an article reporting 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 article, "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." Additionally, the article cited a former member of the Hawaii Public Utilities Commission, who stated that the decision to avoid shutting off power "is reflective of the utility's struggles to bolster its aging and vulnerable infrastructure against wildfires[.]"
Following this news, the price of Hawaiian Electric stock plummeted by as much 41.5%, in intra-day trading on August 14, 2023, to close at $21.46. The following day, August 15, 2023, the stock continued to fall as analysts downgraded the stock, closing at $14.79 per share and losing another 30% in value.
If you are a Hawaiian Electric investor and would like to learn more about our investigation, please CLICK HERE to fill out our online form or contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or e-mail at info@ktmc.com. You can also click on the following link or paste it in your browser: https://www.ktmc.com/hawaiian-electric-industries-inc-investigation?utm_source=PR&utm_medium=link&utm_campaign=he&mktm=r
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
info@ktmc.com
