Hawaiian Electric Industries (NYSE:HE) shares jumped more than 46% intra-day today after the company issued an update in response to the lawsuit filed on Thursday by the County of Maui.
The company provided several important facts about the events on August 8. A fire at 6:30 a.m., called "Morning Fire", appears to have been caused by power lines that fell in high winds.
The fire was contained, as reported by the Maui County Fire Department. At about 3 p.m., a time when all of Hawaiian Electric’s power lines in West Maui had been de-energized for more than six hours, a second fire, called "Afternoon Fire", began in the same area. The cause of the devastating Afternoon Fire has not been determined.
Hawaiian Electric asserts that records confirm their power lines were inactive during the Afternoon Fire and criticizes the lawsuit's timing.
“We were surprised and disappointed that the County of Maui rushed to court even before completing its own investigation,” said Shelee Kimura, CEO of Hawaiian Electric.
According to Hawaiian Electric, the accusation appears factually and legally irresponsible. It contradicts their vision of a resilient community, accountable to one another and Hawaii’s future.
“We continue to stand ready to work to that end with our communities and others. Unfortunately, the county’s lawsuit may leave us no choice in the legal system but to show its responsibility for what happened that day,” added Kimura.