Shares of Hawaiian Electric Industries Inc. skyrocketed Monday 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.”
Then at about 3 p.m., after the Hawaiian Electric power lines had been “de-energized” for more than six hours, a second fire began in the same area, with the cause of that fire still not determined. On Friday, the stock tumbled 18.6% to $9.66, the lowest close since Oct. 17, 1984, after the company said it had suspended its dividend. The stock has plunged 72.8% since Aug. 8, while the S&P 500 index SPX has slipped 2.1% over the same time.
“Unfortunately, the county’s lawsuit may leave us no choice in the legal system but to show its responsibility for what happened that day,” Kimura added.
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