NEW YORK, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Hawaiian Electric Industries, Inc. (“Hawaiian Electric” or the “Company”) (NYSE: HE). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Hawaiian Electric and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On August 14, 2023, news outlets began reporting that Hawaiian Electric did not have a plan to shut off power in advance of dangerous winds that contributed to the recent wildfires in Maui. Specifically, it was revealed that the Company, which oversees Maui Electric and provides service to 95% of Hawaiian residents, did not deploy a public power shutoff plan, which involves intentionally cutting off electricity to areas where strong wind events could spark fires. 

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 speaking with firms that specialize in restructuring advisory work, exploring options for the financial and legal challenges arising from the Maui wildfires. 

On 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.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

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