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Hawaiian Electric shares fell as much as 75% in the days following the Maui fires after lawsuits claimed it failed to shut down its power lines ahead of a hurricane. The utility this week said its lines were shut down prior to the start of the blaze that swept through the town of Lahaina.
Hawaiian Electric Company said that power lines falling in high winds seem to have caused a fire during the early morning of August 8, but power lines in West Maui had been de-energized for more than six hours by the time a second afternoon fire began in the Lahaina area.
Hawaiian Electric's stock surged by more than 44% during Monday's trading session as the utility released an update on its response to the deadly Maui wildfires and pushed back on a lawsuit.
Hawaiian Electric Industries Inc. soared after the utility pushed back against a lawsuit filed by Maui County that accused the company of starting the deadly Lahaina fire. The utility says its lines were de-energized when a fire began that swept through the town of Lahaina on Aug. 8.
Hawaiian Electric said Monday its power lines started a fire that was quickly extinguished earlier this month, but power had been turned off six hours before a second fire emerged.
Hawaiian Electric on Monday disputed accusations that its power lines caused the deadly wildfires in Maui earlier this month, which killed at least 115 people.
Shares of Hawaiian Electric (HE) are shooting up this morning, showing hints of a slight rebound since falling over the speculated connections to the Maui wildfires. Yahoo Finance Live monitors the utility company's stock and how it is calling the lawsuit brought forth by Maui County "irresponsible.
Shares of Hawaiian Electric Industries Inc. skyrocketed 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.”
Hawaiian Electric said power lines toppled by high winds likely caused the morning fire in Lahaina but electricity was off when a second fire occurred.