Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against Hawaiian Electric Industries, Inc. (“Hawaiian Electric” or “the Company”) (NASDAQ: HE) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Hawaiian Electric securities from February 28, 2019 and August 16, 2023 (the “Class Period”). Investors who acquired Hawaiian Electric securities during this defined timeframe are strongly encouraged to participate in this case by contacting email@example.com. The deadline to file a motion for appointment of lead plaintiff is October 23, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Hawaiian Electric securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST HAWAIIAN ELECTRIC INDUSTRIES, INC.
In early August 2023, a series of devastating wildfires erupted in Hawaii, primarily on the island of Maui. The most destructive blaze ignited in West Maui near Lahaina on the morning of August 8, 2023. By that same afternoon, strong winds toppled around 30 utility poles across Maui, causing at least 15 separate power outages that affected over 12,400 customers. Furthermore, a class action lawsuit against Hawaiian Electric asserts that videos filmed by local residents suggested that downed power lines owned by Hawaiian Electric may have triggered several of these fires. As a result of these wind-driven fires, evacuations were necessary, widespread damage occurred, and the death toll reached at least 114 people, with approximately 850 individuals still unaccounted for in Lahaina.
The Hawaiian Electric class action lawsuit claims that during the Class Period, the defendants made false or misleading statements and failed to disclose two critical points: (i) Hawaiian Electric’s wildfire prevention and safety protocols were insufficient for the challenges they were supposed to address, and (ii) consequently, despite knowing the wildfire risk Maui faced, these inadequate safety protocols placed the island at a heightened risk of severe wildfires.
The Hawaiian Electric class action lawsuit also alleges that on August 12, 2023, news outlets reported that Hawaiian Electric lacked the necessary policies and procedures to mitigate the impact of wildfires. Specifically, the complaint asserts that at the onset of the wildfires, Hawaiian Electric did not have a public power shutoff plan in place, which involves intentionally cutting off electricity to areas where strong winds could exacerbate the spread of fires. In response to this news, the price of Hawaiian Electric stock plummeted by nearly 34%.
Additionally, the Hawaiian Electric class action lawsuit contends that on August 16, 2023, The Wall Street Journal disclosed that Hawaiian Electric was engaging with firms specializing in restructuring advisory work to explore options for addressing the various financial and legal challenges stemming from the Maui wildfires.
Furthermore, the Hawaiian Electric class action lawsuit maintains that on August 17, 2023, The Wall Street Journal reported that Hawaiian Electric had been aware of the wildfire threat for years but had delayed taking action. The complaint alleges 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 for broader wildfire safety improvements until 2022. Following the publication of The Wall Street Journal articles, the price of Hawaiian Electric stock dropped by more than 17%.
ABOUT HAWAIIAN ELECTRIC INDUSTRIES, INC.
What does Hawaiian Electric do?
- Hawaiian Electric Industries, Inc. primarily provides electric utility services in Hawaii. This includes generating, transmitting, and distributing electricity to homes, businesses, and industries. They also focus on integrating renewable energy sources, modernizing the electrical grid, promoting energy efficiency, and engaging in community and philanthropic initiatives.
What are the subsidiaries of Hawaiian Electric?
- HEI operates primarily through its core subsidiaries, which include Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc., and Maui Electric Company, Limited. These companies are the primary providers of electric utility services in Hawaii, serving various regions of the state.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in Hawaiian Electric during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is October 23, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against Hawaiian Electric are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.