Hawaiian Electric Industries Inc. plunged by a record on concern that its power lines may be linked to the deadly Maui wildfires.
Shares fell 39% Monday morning to $19.90 as of 11:15 a.m. New York time. Hawaiian Electric, which operates the utility that serves Maui, has come under criticism for not turning off power despite weather forecasters’ warnings that dry, gusty winds could create critical fire conditions. Plaintiffs attorneys are homing in on the utility’s equipment as a possible source of ignition and plan to file lawsuits this week.