Hach Rose Schirripa & Cheverie, LLP Announces Investigation into Hawaiian Electric Industries, Inc.
NEW YORK, Sept. 14, 2023 /PRNewswire/ — Hach Rose Schirripa & Cheverie, LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of law by certain officers and directors at Hawaiian Electric Industries, Inc. (“Hawaiian Electric” or the “Company”). Hawaiian Electric is the largest supplier of electricity in the State of Hawaii, supplying power to 95% of Hawaii’s population through its electric utilities: Hawaiian Electric Company, Inc., Hawai’i Electric Light Company, Inc. and Maui Electric Company, Limited.
In early August 2023, a series of wind-driven wildfires broke out in the U.S. state of Hawaii, predominantly on the island of Maui. The fires caused widespread damage and killed at least 115 people. On August 27, 2023, Hawaiian Electric acknowledged that the fire appears to have been caused by Hawaiian Electric power lines that fell during high winds.
Hach Rose Schirripa & Cheverie LLP’s investigation is focused on Hawaiian Electric’s failure to take the appropriate steps to strengthen its aging equipment, modernize its electric grid and adopt emergency plans in light of the Company’s knowledge that extreme weather, including the risk of fires, was becoming a growing danger. Specifically, the investigation focuses on whether the Company’s failure to update its equipment may have played a role in igniting the deadliest U.S. wildfire in more than a century.
Hach Rose Schirripa & Cheverie, LLP specializes in the fields of securities, corporate governance and consumer protection litigation. The firms’ attorneys have successfully litigated complex class actions in both state and federal courts through the United States and are committed to protecting investors’ assets and victims of corporate wrongdoing.
If you are a current shareholder of Hawaiian Electric common stock, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Kathryn A. Hettler at 212-213-8311 or by email at kh@hrsclaw.com.