BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Hawaiian Electric Industries, Inc. (“Hawaiian Electric” or the “Company”) (NYSE: HE) securities between February 28, 2019 and August 16, 2023, inclusive (the “Class Period”). Hawaiian Electric investors have until October 23, 2023 to file a lead plaintiff motion.
Investors suffering losses on their Hawaiian Electric investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On August 12, 2023, news outlets began reporting that Hawaiian Electric lacked the proper policies and procedures to mitigate the impact of the wildfires that had broken out in Maui a few days prior. Specifically, the Company did not deploy a “public power shutoff plan,” which involves intentionally cutting off electricity to areas where big wind events could spark fires.
On this news, Hawaiian electric’s stock price fell $10.94, or 33.8%, to close at $21.46 per share on August 14, 2023, thereby injuring investors.
Then, on August 17, 2023, the Wall Street Journal reported that Hawaiian Electric had been aware of the threat posed by wildfires without making appropriate changes, and 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.
On this news, Hawaiian Electric’s stock price fell $2.45, or 17.4%, to close at $12.03 per share on August 17, 2023, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Hawaiian Electric’s wildfire prevention and safety protocols and procedures were inadequate to meet the challenges for which they were ostensibly designed; (2) 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 (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Hawaiian Electric securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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