Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Hawaiian Electric Industries, Inc. (“Hawaiian Electric” or the “Company”) (NYSE: HE) between February 28, 2019 and August 16, 2023, inclusive (the “Class Period”).
If you purchased HE securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than October 23, 2023. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Hawaiian Electric investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should complete the form below, text or email firstname.lastname@example.org, or call Lieff Cabraser partner Sharon M. Lee of at 1-800-541-7358.
Hawaiian Electric is an electric utility company that provides electricity to 95% of Hawaii’s residents.
The action alleges that Hawaiian Electric made false and/or misleading statements and/or failed to disclose that: (1) the Company maintained inadequate wildfire prevention and mitigation protocols; and (2) Hawaiian Electric understood the risks posed by wildfires and the shortcomings of its wildfire protocols.
On August 8, 2023, severe wildfires broke out on the Hawaiian island of Maui.
On August 12, 2023, news outlets reported that Hawaiian Electric’s wildfire protocols lacked a plan to shut off public power. On this news, the price of the Company’s common stock fell $10.94 per share, or 33.76%, from the previous closing price of $32.40 on August 11, 2023, to close at $21.46 per share on August 14, 2023, on extremely heavy trading volume.
On August 16, 2023, The Wall Street Journal published an article entitled “Hawaiian Electric Is in Talks With Restructuring Firms.” That day, the price of Hawaiian Electric stock fell $0.22 per share, or 1.49%, from the previous closing price of $14.79 on August 15, 2023, to close at $14.57 per share on August 16, 2023, on extremely heavy trading volume.
On August 17, 2023, The Wall Street Journal published an article entitled “Hawaiian Electric Knew of Wildfire Threat, but Waited Years to Act.” On this news, the price of Hawaiian Electric stock fell $2.54 per share, or 17.43%, from the closing price of $14.57 on August 16, 2023, to close at $12.03 per share on August 17, 2023, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.