Hawaiian Electric stock skyrockets, calls Maui lawsuit 'irresponsible'
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."
Video Transcript
- Coming up as well, we've got to take a look at this trending ticker, watching shares of Hawaiian Electric skyrocketing this morning. Take a look at that move up 35%. This is after the company responded to a lawsuit filed by Maui County over the deadly Lahaina fires, saying that the suit is factually and legally irresponsible. And they are, quote, "surprised and disappointed that the County of Maui rushed to court even before completing its own investigation." End quote.
Now, pointing to the county's own responsibility in the Hawaiian wildfires, that was part of the statement. And Hawaiian Electric stock has fallen over 60% in the last month as the lawsuits allege the utility companies power lines were the cause of the deadly wildfires.
The company has since said that its records conclusively establish that its power lines in Lahaina were not energized when the afternoon fire broke out. We'll continue to watch any movement upwards or downwards in those shares for you and get you an update.
