LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz reminds investors of the upcoming October 23, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Hawaiian Electric Industries, Inc. (“Hawaiian Electric” or the “Company”) (NYSE: HE) securities between February 28, 2019 and August 16, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
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.
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If you purchased or otherwise acquired Hawaiian Electric securities during the Class Period, you may move the Court no later than October 23, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com