Hawaiian Electric Industries, Inc. (NYSE: HE)

This lawsuit is for anyone who acquired securities in Hawaiian Electric Industries, Inc. (NYSE: HE) from February 28, 2019 though August 16, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by telling investors that the Company had in place adequate wildfire prevention and safety protocols and procedures despite knowing that the Company’s plans were inadequate to meet the challenges for which they were ostensibly designed.

On August 13, 2023, The Washington Post reported that “Hawaiian Electric . . . did not deploy what’s known as a ‘public power shutoff plan,’ which involves intentionally cutting off electricity to areas where big wind events could spark fires” and that a class-action lawsuit was filed against Hawaiian Electric alleging that its downed power lines caused the fires in Maui. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on August 17, 2023, the Wall Street Journal reported that after a Maui wildfire in 2019, the Company concluded that its safety protocols were insufficient, yet the Company had done little to improve those protocols in the interim. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Hawaiian Electric Industries, Inc. (NYSE: HE) from February 28, 2019 through August 16, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.