Hawaiian Electric calls Maui county's wildfire lawsuit 'irresponsible'

Hawaiian Electric's shares surged 30.2% after the company called the lawsuit filed against it by the county of Maui "factually and legally irresponsible," blaming the county for the Hawaii wildfires.

reuters.com

Relevant topic timeline:

8/23/2023

Hawaii's economic toll from wildfires is up to $6 billion, Moody's estimates

Wildfires in Maui, Hawaii have caused an estimated $4 billion to $6 billion in losses for the local economy, including damage to insured properties and business interruptions, with rebuilding costs predicted to exceed $5.5 billion.

8/24/2023

Maui government files lawsuit, accuses Hawaiian electric company of causing Lahaina wildfires

Maui County has filed a lawsuit against the Hawaiian Electric Company, claiming that the utility company's negligence in keeping power lines energized during high wind conditions caused the devastating wildfires that killed over 100 people and burned thousands of acres of land.

8/25/2023

Maui Alleges Hawaiian Electric Caused Lahaina Wildfire

Maui accuses Hawaiian Electric of causing the Lahaina wildfire.

8/25/2023

UPDATE 1-S&P downgrades Hawaiian Electric to 'B-' as wildfires raise market-access worries

S&P Global Ratings has downgraded Hawaiian Electric Industries and its subsidiaries due to the company's likely inconsistent access to capital markets following the Maui wildfires, which may result in adverse developments regarding its debt service capacity.

8/25/2023

Hawaiian Electric Suspends Dividend. Stock Drops on Legal, Cash Flow Troubles.

Hawaiian Electric has suspended its dividend and faced legal and cash flow troubles, resulting in a drop in its stock.

8/26/2023

Bare and uninsulated power lines were possible cause of Hawaii wildfires

The Maui fires that caused the deadliest US wildfire in over a century were exacerbated by bare, uninsulated power lines and poor-quality power poles that did not meet safety standards, leading to a spate of lawsuits against Hawaiian Electric.

8/30/2023

SHAREHOLDER ALERT: The Gross Law Firm Notifies Shareholders of Hawaiian Electric Industries, Inc. of a Class Action Lawsuit and a Lead Plaintiff Deadline of October 23, 2023 – (NYSE: HE)

The Gross Law Firm issues a notice to shareholders of Hawaiian Electric Industries, Inc., encouraging them to contact the firm regarding a possible lead plaintiff appointment in a class action lawsuit alleging that the company's inadequate safety protocols and procedures placed Maui at a heightened risk of devastating wildfires, leading to materially false and misleading statements.