If you purchased or acquired Hawaiian Electric Industries Inc. common stock between Feb. 28, 2019, and Sept. 4, 2023, you may qualify for a payment from a $47.75 million securities class action settlement.
The lawsuit claims Hawaiian Electric and certain executives made misleading statements about wildfire risk mitigation efforts before the devastating August 2023 Lahaina wildfire. Defendants deny wrongdoing but agreed to settle the case to avoid ongoing litigation costs and risks.
What happened?
The class action lawsuit alleged Hawaiian Electric Industries Inc., Hawaiian Electric Co. Inc., and certain executives made materially false or misleading statements regarding wildfire prevention and infrastructure safety measures.
According to the complaint, the company allegedly misrepresented efforts involving:
- Replacement of uninsulated power lines
- Utility pole maintenance
- Vegetation trimming and wildfire prevention efforts
Plaintiffs claimed these alleged misrepresentations concealed wildfire risks that later materialized during the Aug. 8, 2023 Lahaina wildfire, causing investor losses.
Who is eligible?
You may qualify if:
- You purchased or otherwise acquired Hawaiian Electric Industries Inc. common stock
- Between Feb. 28, 2019, and Sept. 4, 2023
- And allegedly suffered damages as a result
Both individuals and entities may qualify.
How much money can you get?
The settlement fund totals $47,750,000. Payments will vary based on:
- The number of valid claims filed
- The number of shares purchased
- Purchase and sale dates
- Recognized losses under the court-approved allocation plan
Estimated Recovery
- Estimated average gross recovery: about $0.57 per eligible share
- Estimated net recovery after deductions: about $0.37 per eligible share
Actual payments may be higher or lower depending on the final number of claims submitted.
Important Payment Details
Under the settlement plan:
- Shares sold before Aug. 8, 2023 have a recognized loss of $0
- Payments under $10 will not be distributed
- Claims may be reduced proportionally if total approved claims exceed available funds
Your options
| Option | What It Means | Deadline |
|---|---|---|
| Submit a Claim | Receive a payment from the settlement fund | June 25, 2026 |
| Exclude Yourself | Keep your right to sue separately | June 25, 2026 |
| Object to the Settlement | Tell the court why you disagree with the settlement | June 25, 2026 |
| Do Nothing | Receive no payment and remain bound by the settlement | No action required |
How to file a claim?
Class members can submit a claim online or by mail.
Mail Your Claim Form To
Hawaiian Electric Securities Settlement
c/o Verita Global LLC
P.O. Box 301133
Los Angeles, CA 90030-1133
What Information Will You Need?
You may need:
- The last four digits of your Social Security number or your taxpayer ID
- HEI stock transaction records
- Brokerage statements or confirmation slips
- Dates and prices for purchases and sales
- Share holdings information through Nov. 30, 2023
You can also submit your claim online.
