Hawaiian Electric Industries Inc. investors can’t proceed with a securities fraud suit alleging the utility misrepresented its wildfire risk management in advance of the August 2023 Lahaina fire, a federal court ruled.
The investors failed to adequately allege the company and its leaders made false statements about power line insulation, utility pole maintenance, vegetation trimming, and other issues, Judge Jacqueline Scott Corley said Tuesday for the US District Court for the Northern District of California. The investors also fell short of alleging the necessary level of intent in the proposed class action, she said.
The investors will have until Nov. ...
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