NEW YORK, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of purchasers of Hawaiian Electric Industries, Inc. (“Hawaiian Electric” or the “Company”) (NYSE: HE) securities between February 28, 2019 and August 16, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired Hawaiian Electric securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than October 23, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
As alleged in the complaint, the Class Period begins on February 28, 2019 when Hawaiian Electric filed its Annual Report which stated, among other things, that the company had "appropriately responded to environmental conditions."
According to the complaint, in early August 2023, a series of severe wildfires broke out in Hawaii, predominantly on the island of Maui and the most destructive fire began in West Maui near the town of Lahaina on the morning of August 8, 2023. Further, according to the complaint, 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.
The complaint further alleges that on August 12, 2023 news outlets began reporting that Hawaiian Electric lacked the proper policies and procedures to mitigate the impact of the wildfires and 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.
Following this news, Hawaiian Electric's stock price fell $10.94 per share, or 33.77%, to close at $21.46 per share on August 14, 2023.
Then, on August 16, 2023, The Wall Street Journal reported that Hawaiian Electric is meeting with firms that specialize in restructuring advisory work and exploring options for the various financial and legal challenges that the company faces as a consequence from the Maui wildfires.
Finally, as alleged in the complaint, 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. The Wall Street Journal’s article states, among other things, that between 2019 and 2022, Hawaiian Electric 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 this news, Hawaiian Electric's stock price fell $2.54 per share, or 17.43%, to close at $12.03 per share on August 17, 2023.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
