Key Takeaways
- Hawaiian Electric shares plummeted on accusations its power lines may have contributed to the deadly Maui fires.
- A class action lawsuit claims the utility didn't de-energize its lines despite high-wind warnings.
- Shares fell to their lowest level since December 2009 following the news.
Shares of Hawaiian Electric Industries (HE) plunged on Monday to their lowest level in more than 13 years on concerns the power company could face liability claims related to the deadly wildfires in Maui.
A 澳洲幸运5官方开奖结果体彩网:class action lawsuit was filed by some residents over th🐷e weekend, claiming Hawaiian Electric was negligent by choosing not to de-energize its power lines during the High Wind Watch and Red Flag Warning conditions before the blaze began, despite knowing the risks that falling lines could spark a fire.
No official cause has been named yet for the fires, which broke out last Tuesday and killed at least 96 people, making it one of the deadliest in U.S. history. Hundreds are still unaccounted for. Governor Josh Green said losses were nearing $6 billion.
Hawaiian Electric 𝔉declined to comment on pending litigation.
California’s largest utility, PG&E, filed for 澳洲幸运5官方开奖结果体彩网:bankruptcy protection in 2019 after it faced billions in liability claims when its faulty equipment was blamed for deadly fires there.
Hawaiian Electric Industries shares lost about a third of their value following the news.
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