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Hawaiian Electric (New York Stock Exchange: HIM) -14.6% in Tuesday trading, falling as much as 18% to its lowest level in nearly 40 years, following a local news report that an investigation into last summer's devastating Maui fires found no fault with the lifeguards.
The state The Attorney General's office is expected to release the first phase of its investigation into the wildfires on Wednesday, which can help mitigate liability for Maui County in ongoing litigation based on first responders' proper handling of the situation, Capstone analyst Josh Price said, according to Bloomberg.
Hawaiian Electric (HE) has faced lawsuits alleging that its power lines caused the fires and that the company had failed to maintain its electrical system and grid during the storm that caused the fire.
The utility company has also been forced in recent days to start continuous cuts and asking customers to conserve electricity due to reduced wind and solar power, as well as the temporary loss of several large generators.
