Electric utility company, Hawaiian Electric Industries (NYSE: HE) surged in trading on Monday as it responded to a lawsuit filed by the County of Maui, confronting Maui’s accusations in the aftermath of the devastating wildfire that struck Maui. The lawsuit, filed by Maui County, claims negligence on the part of Hawaiian Electric.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Shelee Kimura, President and CEO of Hawaiian Electric commented, “We were surprised and disappointed that the County of Maui rushed to court even before completing its own investigation. We believe the complaint is factually and legally irresponsible. It is inconsistent with the path that we believe we should pursue as a resilient community committed and accountable to each other as well as to Hawaiʻi’s future”
The company listed out some key points regarding the fire that broke out on August 8. It stated that the fire in the morning was seemingly caused by fallen power lines in high winds, and a second fire in the afternoon occurred despite Hawaiian Electric’s power lines being de-energized for over six hours.
Moreover, the company countered that the complaint is premature and inconsistent with their efforts to foster community resilience.
HE stock has taken a beating over the past five trading sessions, down by more than 25% amid the controversy surrounding the Maui wildfires.
