Invested in
Hawaiian Electric Industries?
Attention Hawaiian Electric shareholders: contact investor lawyers for a free evaluation of your potential claims for compensation today.
- Did you invest in Hawaiian Electric Industries, Inc. (NYSE: HE) prior to 2023 and do you still hold your HE shares?
- Are you concerned about the recent performance of the HE stock in the wake of allegations of misconduct against Hawaiian Electric in connection with the Maui Wildfire?
- Are you concerned about the conduct of Hawaiian Electric’s officers and directors, and the company’s corporate controls, risk mitigation, and compliance practices related to its conduct during the Maui wildfire?
- Would you like your potential options for compensation and/or redress to be reviewed by an experienced team of investor lawyers?
Request a free case evaluation of your potential claims for compensation today, via email at arosca@rscounsel.law, through the contact form on this page, or by calling 888-998-0530.
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Free Case Evaluation
The Hawaiian Electric Class Action Investigation page is the resource for investors who bought Hawaiian Electric shares prior to 2023 and would like to evaluate compensation claims.
- Free Case Evaluation
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- Contact Us Today
We can also do a Zoom call to discuss your matter.
Posted August 25, 2023
Hawaiian Electric Investigation
Securities attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner have been investigating potential securities violations and corporate misconduct as well as questionable business practices involving Hawaiian Electric Industries, Inc. and have identified potential areas of concern for Hawaiian Electric investors. Hawaiian Electric’s stock price has suffered significantly following allegations of the alleged inaction and other misconduct in connection with the destructive Lahaina wildfire on the island of Maui.
What Hawaiian Electric Investors May Do
HE investors interested to evaluate potential options to seek compensation and/or pursue claims related to their Hawaiian Electric investment may contact investor rights attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner. Claims that are not timely pursued may expire or otherwise be lost, generally speaking.
Get in Touch with an Experienced Team of Investor Attorneys
Attorneys Rosca, Scarlato, and Weidner have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of alleged violations of securities law and/or corporate misconduct, and are currently evaluating potential claims on behalf of investors in Hawaiian Electric Industries, Inc.
They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful, following review and approval by the Court of any fee application.
Concerned HE stock investors may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Potential Compensation Claims
Has Hawaiian Electric’s Management Been Accused of Misconduct Following the Maui Wildfires?
In mid-August 2023, Hawaiian Electric, a company that reportedly provides power to 95% of the Hawaiian state’s residents, has come under scrutiny following the devastating Maui wildfires preceded by dangerous winds that reportedly started around August 7, 2023.
A video, that according to the Hawaiian News Now (“HNN”) was taken in the morning of August 8, 2023, showed power lines being knocked down over dry vegetation and igniting rows of fire. Less than an hour later the first brush fire in the Lahainaluna Road area was reported and evacuations started, according to HNN. A few days later NBC news reported that the main escape route out of Lahaina was partly blocked due to the Hawaiian Electric trucks clearing downed lines and replacing busted power poles. “Instead of waiting for everybody to get out, they were blocking the only way out with their big trucks,” a fleeing Lahaina resident reportedly stated, according to NBC.
On August 14, CNN reported that Hawaiian Electric stock price plunged more than 40% since the wildfire started, indicating that “officials and residents have started pointing fingers at the utility company for failing to implement critical safety measures.” According to Hawaiian Electric’s Vice President, HE allegedly “does not have a formal shut-off program in place”, CNN reports.
Is Hawaiian Electric Subject to A Class Action?
On August 12, 2023, a class action lawsuit was filed against Hawaiian Electric and several related companies. The complaint alleges, among others, that Hawaiian Electric and the other corporate defendants “inexcusably kept their power lines energized during forecasted high fire danger conditions.” At least nine other lawsuits filed by affected residents have followed since then, as of the date of this blog, with potentially many more claims expected, bringing into question alleged deficiencies surrounding HE’s risk and compliance practices and corporate controls.
On August 18, 2023, a Wall Street Journal’s report shed light on Hawaiian Electric‘s efforts to address the financial and legal challenges arising from the Maui wildfires. The company is currently engaged in discussions with firms that specialize in restructuring advisory work, the Journal notes.
Reuters reported on August 21 that Fitch, Moody’s and S&P Global rating agencies downgraded Hawaiian Electric Industries‘ credit rating to junk status. Fitch reportedly indicated that potential wildfire-related liabilities could be above $3.8 billion, which represents an “existential threat” to Hawaiian Electric, Reuters noted.
On August 23, 2023 the price per HE share was $9.66, down more than 75% YTD according to Yahoo Finance.
Do Hawaiian Electric Shareholders Have Claims for Compensation?
Investor rights attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner at Rosca Scarlato are investigating potential options and are evaluating potential claims for compensation and/or other redress on behalf of HE shareholders whose share value dropped. They have decades of combined experience representing victims of corporate or financial misconduct.
If you are a Hawaiian Electric investor concerned about the drop in the value of your investment, you may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to learn more about your rights and for an evaluation of your potential claims, or to provide useful information.
All consultations are free. The Rosca Scarlato attorneys typically take cases like this on a contingency fee basis, advance all case costs, and only get paid for their fees and expenses if and when they are successful, following review and approval by the Court of any fee application.
To reach attorney Alan Rosca or his colleagues, Hawaiian Electric investors may call 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
The general considerations on this page are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts and can tailor any advice to that investor’s facts. The Hawaiian Electric Class Action Investigation page is not affiliated with Hawaiian Electric Industries, Inc. There has not been an adjudication on the merits of the cases referenced in this blog post, as of the date of the posting.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
Kathryn Weidner – kweidner@rscounsel.law
Recent Investigations
DISCLAIMER
In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.
