The Hawaii power utility, Hawaiian Electric, may have removed crucial evidence from the scene of the deadly Lahaina fire, potentially impeding the official investigation into the blaze's cause.
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.
Maui accuses Hawaiian Electric of causing the Lahaina wildfire.
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.
Hawaiian Electric has suspended its dividend and faced legal and cash flow troubles, resulting in a drop in its stock.
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.
Hawaiian Electric Industries stock jumps 40% after denying allegations that its power lines caused a fatal wildfire in Maui.
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.
