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Hawaiian Electric Industries Inc fell 21% in pre-market trading hit by a plethora of bad news as the company's woes show no sign of ending anytime soon. After the closing bell Thursday, the firm said it was suspending its dividend, starting in the third quarter, in a move aimed at further increasing its cash position.

Hawaiian Electric Industries Inc.'s stock HE, -2.06% fell another 21% in premarket trade Friday, after Standard & Poor's again downgraded its rating, sending it further into junk territory, as the problems stemming from the Maui wildfires worsened. On Thursday, Maui County sued the utility over the fires, saying the utility failed to shut off power despite exceptionally high winds and dry conditions.

Hawaiian Electric's CEO received an annual bonus last year tied to profit, worker safety and bolstering the supply of renewable energy, but not linked specifically to reducing wildfire risk, according to a Reuters review of company disclosures.

The embattled utility provider ensnared in the fallout of the Maui wildfire tragedy has cut its dividend as it faces a major new lawsuit.

The S&P Global Ratings on Thursday downgraded Hawaiian Electric and all of its rated subsidiaries to 'B-' from 'BB-', citing company's likely inconsistent access to the capital markets.

Maui County filed a lawsuit Thursday against Hawaiian Electric Company, alleging that the utility company's negligence caused the devastating wildfires that burned thousands of acres of land in the state and killed more than 100 people earlier this month.

Maui County's lawsuit accuses the utility company of starting the fire.

Hawaiian Electric on Thursday said it is suspending its quarterly cash dividend beginning in the third quarter "to further increase its cash position".

Hawaiian Electric Industries Inc. HE, -2.06% said late Thursday that it is suspending its dividend, starting in the third quarter, “to further increase its cash position.” That will allow the company to continue to allocate cash to “rebuilding and restoring power and ensure a strong future for the utility,” it said.

HONOLULU — Maui County sued Hawaiian Electric Company on Thursday over the fires that devastated Lahaina, saying the utility negligently failed to shut off power despite exceptionally high winds and dry conditions.