Hawaiian Electric's stock rocketed after the company called the lawsuit filed by Maui County 'factually and legally irresponsible.'
Shares of Hawaiian Electric Industries Inc. skyrocketed Monday after the electric company responded to a lawsuit filed by Maui County over the deadly Lahaina fires, by calling the suit “factually and legally irresponsible.”
Then at about 3 p.m., after the Hawaiian Electric power lines had been “de-energized” for more than six hours, a second fire began in the same area, with the cause of that fire still not determined. On Friday, the stock tumbled 18.6% to $9.66, the lowest close since Oct. 17, 1984, after the company said it had suspended its dividend. The stock has plunged 72.8% since Aug. 8, while the S&P 500 index SPX has slipped 2.1% over the same time.
“Unfortunately, the county’s lawsuit may leave us no choice in the legal system but to show its responsibility for what happened that day,” Kimura added.
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