Hawaiian Electric Industries Inc. was sued by investors who claim that its share price has been hit because its wildfire safety procedures were inadequate, and the company failed to disclose the weaknesses.
(Bloomberg) — Hawaiian Electric Industries Inc. was sued by investors who claim that its share price has been hit because its wildfire safety procedures were inadequate, and the company failed to disclose the weaknesses.
Despite knowing the risk that wildfires posed to Maui, the utility’s compromised safety protocols put the island at a heightened risk, according to a lawsuit filed Thursday in San Francisco federal court.
The omissions contributed to the “precipitous decline in the market value of the company’s securities,” the investors claim, adding that they suffered “significant losses and damages” as a result. The utility’s share price has plunged 69% since July 26.
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