Lawsuit filed for Investors who lost money with shares of Hawaiian Electric Industries, Inc. (NYSE: HE)

An investor, who purchased shares of Hawaiian Electric Industries, Inc. (NYSE: HE), filed a lawsuit over alleged violations of Federal Securities Laws by Hawaiian Electric Industries, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Hawaiian Electric Industries, Inc. (NYSE: HE) have certain options and for certain investors are short and strict deadlines running. Deadline: October 23, 2023. NYSE: HE investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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".

A few days later 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 Industries, Inc. appeared to have ignited at least several of the fires.

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 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.

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.

The plaintiff claims that between February 28, 2019 and August 16, 2023, the Defendants made false and/or misleading statements and/or failed to disclose that Hawaiian Electric's wildfire prevention and safety protocols and procedures were inadequate to meet the challenges for which they were ostensibly designed, that 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 that as a result, the Company's public statements were materially false and misleading at all relevant times.

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.

This release was published on openPR.