Why Hawaiian Electric Industries (HE) Stock Is Getting Hammered
Portfolio Pulse from Henry Khederian
Hawaiian Electric Industries, Inc. (HE) shares dropped by 23.8% after Maui County filed a lawsuit against the company for its alleged role in the Lahaina wildfires. The company also suspended its quarterly cash dividend on common stock. Additionally, HEI and Hawaiian Electric drew $170 million and $200 million respectively from their existing revolving unsecured credit facilities, planning to invest the cash proceeds in highly liquid short-term investments.
August 25, 2023 | 5:00 pm
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Hawaiian Electric Industries (HE) is facing a lawsuit and has suspended its dividend, leading to a significant drop in its stock price.
The lawsuit filed against Hawaiian Electric Industries (HE) for its alleged role in the Lahaina wildfires, coupled with the suspension of its dividend, has led to a significant drop in its stock price. This negative news is likely to continue impacting the company's stock in the short term.
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