Hawaiian Electric shares plummet 40% after Maui wildfires lawsuit
August 15, 2023
Shares of Hawaiian Electric have plummeted nearly 40% since trading opened Monday over concerns that the utility company could be held liable for damage wrought by the Maui wildfires.
A class-action lawsuit filed against Hawaiian Electric on Saturday alleges that the company “inexcusably kept their power lines energized” despite forecasts of high winds that could topple power lines and potentially ignite a fast-spreading blaze. Hawaiian Electric provides power for 95% of Hawaii residents, according to the company’s website.
