HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Hawaiian Electric Industries (HE) Equity and Bond Investors with Substantial Losses to Contact Firm’s Attorneys, Securities Fraud Class Action Pending
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Sep 18, 2023, 6:10 PM ET
SAN FRANCISCO, CA / ACCESSWIRE / September 18, 2023 / Hagens Berman urges Hawaiian Electric Industries, Inc. (NYSE:HE) equity and bond investors who suffered substantial losses to submit your losses now.
Hawaiian Electric Industries, Inc. (NYSE: HE) Securities Fraud Class Action:
The complaint alleges that, unknown to investors, (1) Hawaiian Electric's wildfire prevention and safety protocols and procedures were inadequate to meet the challenges for which they were ostensibly designed, and (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.
On Aug. 12, 2023 (after historic wildfires broke out in Maui, killing dozens of people and causing billions of dollars of damage), The Washington Post reported that "[b]efore the Maui wildfires, Hawaiian Electric did not have a plan - adopted widely in California and other states - to shut off power in certain lines in advance of dangerous winds." According to the Post "Hawaiian Electric was aware that a power shut-off was an effective strategy, documents show, but had not adopted it as part of its fire-mitigation plans, according to the company and two former power and energy officials interviewed by The Washington Post." Citing a former member of the Hawaii Public Utilities Commission, the Post reported that the decision to avoid shutting off power "is reflective of the utility's struggles to bolster its aging and vulnerable infrastructure against wildfires[.]"
Then, on Aug. 16, 2023, The Wall Street Journal reported that Hawaiian Electric is in talks with restructuring firms and is exploring options to address its financial and legal challenges arising from the Maui wildfires.
The next day, the WSJ reported that, while knowing of wildfire threats, Hawaiian Electric spent less than $245,000 between 2019 and 2022 on Maui wildfire-specific projects.
This news drove the price of Hawaiian Electric shares and bonds sharply lower.
"We're focused on investors' losses and proving Hawaiian Electric misled investors about its operational safeguards necessary to comply with state safety requirements," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Hawaiian Electric and have substantial losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Hawaiian Electric should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email HE@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
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