HE ALERT: Kessler Topaz Meltzer & Check, LLP Reminds Investors of Securities Fraud Class Action Lawsuit against Hawaiian Electric Industries, Inc. (HE)
News provided byKessler Topaz Meltzer & Check LLP
Sep 18, 2023, 11:57 AM ET
RADNOR, Pa., Sept. 18, 2023 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Hawaiian Electric Industries, Inc. (“Hawaiian Electric”) (NYSE: HE). The action charges Hawaiian Electric with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Hawaiian Electric’s materially misleading statements and omissions to the public, Hawaiian Electric’s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR HAWAIIAN ELECTRIC LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/hawaiian-electric-industries-inc?utm_source=PR&utm_medium=link&utm_campaign=he&mktm=r
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LEAD PLAINTIFF DEADLINE: OCTOBER 23, 2023
CLASS PERIOD: FEBRUARY 28, 2019 THROUGH AUGUST 16, 2023
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
HAWAIIAN ELECTRICS’S ALLEGED MISCONDUCT
The Class Period begins on February 28, 2019 when Hawaiian Electric filed its Annual Report which stated, among other things, that the company had “appropriately responded to environmental conditions.”
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.
On August 12, 2023, news outlets began reporting that Hawaiian Electric lacked the proper policies and procedures to mitigate the impact of the wildfires. Specifically, it was revealed that, at the time the wildfires began, the company 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, Hawaiian Electric’s stock price fell $10.94 per share, or 33.76%, to close at $21.46 per share on August 14, 2023.
Then, on August 16, 2023, The Wall Street Journal reported that Hawaiian Electric is meeting with firms that specialize in restructuring advisory work and exploring options for the various financial and legal challenges that the company faces as a consequence from 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. Specifically, the report 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 this news, Hawaiian Electric's stock price fell $2.54 per share, or 17.43%, to close at $12.03 per share on August 17, 2023.
WHAT CAN I DO?
Hawaiian Electric investors may, no later than October 23, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Hawaiian investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Hawaiian Electric, Bhangal v. Hawaiian Electric Industries, Inc., et al., Case No. 23-cv-04332, is filed in the United States District Court for the Northern District of California.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
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