Why Hawaiian Electric Stock Is Soaring Today?

Hawaiian Electric Industries Inc HE shares are gaining after the company released an in-depth response to the lawsuit recently filed by the County of Maui surrounding the tragic fires on August 8.

The circumstances leading up to the fire include:

• A fire ignited at 6:30 a.m., presumably caused by power lines that fell due to strong winds.
• Having addressed the morning fire, the Maui County Fire Department reported it as "100% contained" and subsequently "extinguished."
• A second fire, which began around 3 p.m. in the same vicinity, is still under investigation for its cause.
• Kimura expressed her concern over the county's hasty legal actions, "The County of Maui's swift move to litigate, even before a thorough investigation, is both disheartening and premature. 

Further Facts Highlighted by Hawaiian Electric:

• Hawaiian Electric's records confirm that no electricity flowed in its power lines near Lahaina Intermediate School when the fire ignited.
• Videos taken by local residents depict power lines falling in strong winds earlier that morning, leading to the smaller fire.
• The Maui County Fire Department's early response to the morning fire had it contained by 9 a.m., deeming it extinguished by 2 p.m.
• Hawaiian Electric's crews, post-extinguishment of the morning fire, noticed another small fire near Lahaina Intermediate School and promptly reported it.
• The subsequent inability of the Maui County Fire Department to control this afternoon fire resulted in its rapid spread towards Lahaina.

Scott Seu, president and CEO of HEI, remarked, "We were surprised and disappointed that the County of Maui rushed to court even before completing its own investigation," Kimura said. "We believe the complaint is factually and legally irresponsible.

"The lawsuit only diverts attention from the pressing needs of the Lahaina and Maui community."

Price Action: HE shares are up 36.5% at $13.19 during the premarket session on the last check Monday.