SAN DIEGO–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Hawaiian Electric Industries, Inc. (NYSE: HE) securities between February 28, 2019 and August 16, 2023, inclusive (the “Class Period”) have until October 23, 2023 to seek appointment as lead plaintiff of the Hawaiian Electric class action lawsuit. Captioned Bhangal v. Hawaiian Electric Industries, Inc., No. 23-cv-04332 (N.D. Cal.), the Hawaiian Electric class action lawsuit charges Hawaiian Electric and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Hawaiian Electric class action lawsuit, please provide your information here:
CASE ALLEGATIONS: In early August 2023, 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 appeared to have ignited at least several of the fires. Ultimately, the wind-driven fires prompted evacuations, caused widespread damage, and have killed at least 114 people, with some 850 others still missing in Lahaina.
The Hawaiian Electric class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Hawaiian Electric’s wildfire prevention and safety protocols and procedures were inadequate to meet the challenges for which they were ostensibly designed; and (ii) accordingly, despite knowing the degree of risk that wildfires posed to Maui, Hawaiian Electric’s inadequate safety protocols and procedures place Maui at a heightened risk of devastating wildfires.
On August 12, 2023, news outlets reported that Hawaiian Electric lacked the proper policies and procedures to mitigate the impact of the wildfires. Specifically, at the time the wildfires began, Hawaiian Electric did not maintain a public power shutoff plan – i.e., a plan in which electricity is intentionally cut off to areas where strong wind events could cause the fires to spread. On this news, the price of Hawaiian Electric stock fell nearly 34%.
Then, on August 16, 2023, The Wall Street Journal reported that Hawaiian Electric is meeting with firms that specialize in restructuring advisory work, exploring options for the various financial and legal challenges that Hawaiian Electric faces as a consequence of the Maui wildfires.
Finally, on August 17, 2023, The Wall Street Journal reported that Hawaiian Electric had for years been aware of the threat posed by wildfire but waited years to act. Indeed, The Wall Street Journal stated 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 to pay for broad wildfire safety improvements until 2022. Following the publication of The Wall Street Journal articles, the price of Hawaiian Electric stock fell more than 17%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Hawaiian Electric securities during the Class Period to seek appointment as lead plaintiff of the Hawaiian Electric class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Hawaiian Electric class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Hawaiian Electric class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Hawaiian Electric class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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