Press release
Investigation announced for Investors who lost money with shares of Hawaiian Electric Industries, Inc. (NYSE: HE)
An investigation for investors in Hawaiian Electric Industries, Inc. (NYSE: HE) shares over potential securities laws violations.
Investors who purchased shares of Hawaiian Electric Industries, Inc. (NYSE: HE), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Hawaiian Electric Industries, Inc. (NYSE: HE) concerning whether a series of statements by Hawaiian Electric Industries, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Honolulu, HI based Hawaiian Electric Industries, Inc., together with its subsidiaries, engages in the electric utility, banking, and non-regulated renewable/sustainable infrastructure investment businesses in the state of Hawaii.
On August 4, 2023, four days before the devastating fire that swept Maui and leveled the city of Lahaina, the National Weather Service (NWS) warned Hawaii could experience "indirect impacts" from Hurricane Dora, including "strong and gusty trade wins" and "dry weather & high fire danger." The NWS issued a Red Flag Warning for portions of the Hawaiian Islands, including West Maui. The lawsuit alleges, "this destruction could have been avoided if Defendants had heeded the National Weather Service warnings and deenergized their power lines during the predicted high-wind event".
On August 13, 2023, The Washington Post reported that "Hawaiian Electric . . . did not deploy what's known as a 'public power shutoff plan,' which involves intentionally cutting off electricity to areas where big wind events could spark fires" and that a class-action lawsuit was filed against Hawaiian Electric alleging that its downed power lines caused the fires in Maui.
On August 14, 2023 a lawsuit was filed alleging that the wildfires in Maui were caused by energized power lines that were knocked down by strong winds. The plaintiff alleges that Hawaiian Electric Industries, Inc. "chose not to deenergize their power lines during the High Wind Watch and Red Flag Warning conditions for Maui before the Lahaina Fire started," despite knowing the risks of sparking a fire in those conditions.
Since then at least two more lawsuits have been filed against Hawaiian Electric Industries, Inc. for its alleged role in the fires in Mau that have killed at least over 110 people on Maui.
Shares of Hawaiian Electric Industries, Inc. (NYSE: HE) declined from $40.16 per share on July 26, 2023, to as low as $10.05 per share on August 17, 2023.
Those who purchased shares of Hawaiian Electric Industries, Inc. (NYSE: HE) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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