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HE.US
id: 809, Created by Stan Vick, Scout
Hawaiian Electric Industries (HE) "Wildfire threats" Misconduct Case
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N.D. California
Court3:23-cv-04332
Case number- The Washington Post reported that “before the Maui wildfires, Hawaiian Electric did not have a plan of reaction. WSJ reported that Hawaiian is in talks on restructuring.
- $HE shares and bonds dropped, damaging investors.
- Investors suspect Hawaiian Electric of failing to disclose that wildfire prevention and safety protocols were inadequate.
On August 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.
On this news, the price of Hawaiian Electric shares and bonds dropped, damaging investors.
Earlier, on August 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 “before 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.”
Taking all appeared facts into account, Investors have reasons to suspect Hawaiian Electric of failing to disclose that wildfire prevention and safety protocols and procedures were inadequate to meet the challenges for which they were ostensibly designed, and 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.
Alleged Offence
Misleading Statements,
Failure to Disclose,
Negligence,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
17 August 2023
Filing date
24 August 2023
Lead Plaintiff Deadline
23 October 2023
Judge
Hon. Jacqueline Scott Corley