Hawaiian Electric Stock Plunges After Maui Wildfire Lawsuits

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The stock price of Hawaiian Electric Industries plunged on Monday morning as wildfires continue to rage in Maui and the company was recently hit with a lawsuit related to the fires.

According to Google, the stock price of Hawaiian Electric Industries, is currently down 38.57 percent, with a price of $19.90. On Friday, August 11, the share price was listed as $33.04 but has since declined over the past few days.

Earlier this month, several wildfires began to burn in Maui, resulting in widespread property damage, mass evacuations and at least 96 fatalities, officials previously confirmed.

Following the wildfires, which are actively burning in parts of Maui, some residents have filed lawsuits against Hawaiian Electric Industries, claiming that they are liable for the damage caused by the fires.

Hawaiian Electric Stock Plunges — Davilynn Severson and Hano Ganer look for belongings through the ashes of their family's home in the aftermath of a wildfire in Lahaina, western Maui, Hawaii on August 11, 2023. Power lines are visible in... Patrick T. Fallon/AFP/Getty

"Despite the National Weather Service issuing a High Wind Watch and Red Flag Warning—and cautioning both that damaging winds could blow down power lines and that any fires that developed would likely spread rapidly—Defendants Maui Electric Company, Limited ("MECO"); Hawaiian Electric Company, Inc. ("HECO"); Hawaii Electric Light Company, Inc. ("HELCO"); and Hawaiian Electric Industries, Inc. ("HEI") (collectively, "Defendants") inexcusably kept their power lines energized during forecasted high fire danger conditions," the lawsuit, reviewed by Newsweek, said.

The lawsuit went on to state that since the electric company failed to shut off its power during the "dangerous fire conditions," they caused deaths, injuries, destruction of properties, and many of Hawaii's historic sites.

"This destruction could have been avoided if Defendants had heeded the National Weather Service warnings and deenergized their power lines during the predicted high-win," the lawsuit said.

Officials in Maui County have not released a specific cause of the fires, but the National Weather Service previously warned of winds from Hurricane Dora and fire weather conditions.

Hawaiian Electric Stock Plunges Utility Workers — Utility workers clear downed trees and power lines to restore electricity in the aftermath of a wildfire in Lahaina, western Maui, Hawaii on August 11, 2023. Hawaiian Electric Industries was recently hit with a lawsuit... Patrick T. Fallon/AFP/Getty

In an update on Sunday, officials in Maui County said, "Upcountry/Kula fire (initially reported 8/8): Now 60% contained. Estimated 678 acres...Lahaina fire (initially reported 8/8): 85% contained. Estimated 2,170 acres...Pulehu/Kihei fire (initially reported 8/8): Remains 100% contained."

In another update, officials in Maui County said that as of Sunday, 19 homes were destroyed in the Upcountry/Kula wildfire and "three homes were destroyed in Olinda and 16 were leveled in Kula."

"Many other homes sustained damage. The total number of homes destroyed are not yet available as the fire remains active with 678 acres burned so far," the update added.

Newsweek reached out to Hawaiian Electric Industries via email for comment.