Why Hawaiian Electric Stock Surged This Week
Hawaiian Electric (NYSE: HE) is pushing back on claims its power lines caused the deadly Lahaina wildfire, and investors appear encouraged by the effort. Shares of Hawaiian Electric are up more than 44% for the week as of Thursday afternoon, according to data provided by S&P Global Market Intelligence, as markets continue to weigh the utility's exposure to the fires.
The tragic fires that swept through Maui earlier this month are now out, but the investigation continues into the exact cause and what can be done about it. Some of the initial focus has been on Hawaiian Electric, with lawsuits already filed claiming the utility company failed to shut down power lines ahead of Hurricane Dora hitting the island.
On Monday, Hawaiian Electric pushed back on the accusations. Company CEO Shelee Kimura called a lawsuit filed by the local government "factually and legally irresponsible," saying "we were surprised and disappointed the County of Maui rushed to court even before completing its own investigation."
Source Fool.com
