Hawaiian Electric Industries, Inc., together with its subsidiaries, engages in the electric utility, banking, and non-regulated renewable/sustainable infrastructure investment businesses in the state of Hawaii. The Company provides service to 95% of Hawaiian residents and operates in three segments, including the Electric Utility segment, which engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai.

In early August 2023, a series of severe wildfires broke out in Hawaii, predominantly on the island of Maui. The most destructive fire began in West Maui near the town of Lahaina on the morning of August 8, 2023. By that afternoon, intense winds had knocked down approximately 30 utility poles throughout Maui, resulting in at least 15 separate outages impacting more than 12,400 customers.

A recently filed securities fraud class action complaint alleges that the company, through certain of its officers and directors made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, it is alleged that false and/or misleading statements and/or failures in to disclose were made relating to the fact that: (i) Hawaiian Electric's wildfire prevention and safety protocols and procedures were inadequate to meet the challenges for which they were ostensibly designed; (ii) accordingly, despite knowing the degree of risk that wildfires posed to Maui, the Company's inadequate safety protocols and procedures placed Maui at a heightened risk of devastating wildfires; and (iii) as a result, the Company's public statements were materially false and misleading.

Current Hawaiian Electric shareholders who have continuously held Hawaiian Electric shares since prior to February 28, 2019, can seek corporate reforms, the return of funds back to company coffers, and a court approved incentive award at no cost to them whatsoever.

If you would like to learn more about this matter, you are encouraged to contact Joshua H. Grabar at jgrabar@grabarlaw.com or Mia R. Heller at mheller@grabarlaw.com, or call 267-507-6085.