Hawaiian Electric shares plunge after utility is sued over devastating Maui fires

Shares of Hawaiian Electric Company’s parent fell more than 19% Friday, one day after the utility was sued by Maui County over the fires that devastated Lahaina. Maui County accused Hawaiian Electric of negligently failing to shut off power despite exceptionally high winds and dry conditions — saying that the destruction from the deadly Aug. 8 fires could have been avoided if the company had taken essential actions. Outrage towards the company grew as witness accounts and video indicated that sparks from power lines ignited fires as utility poles snapped in the winds, which were driven by a passing hurricane. In the weeks since the fires broke out, Hawaiian Electric Industries Inc.’s market capitalization has fallen from $4.1 billion to $1.1 billion.