Hawaiian Electric (NYSE:HE) stock is on the rise Monday after the company refuted claims that it was responsible for the Maui wildfires.
Responding to a lawsuit seeking to hold it accountable for the wildfires, Hawaiian Electric alleged that its power lines had been de-energized for six hours before the fires started. The company says it was connected to an earlier fire, but that this fire was “100% contained” and “extinguished.”
Shelee Kimura, CEO of Hawaiian Electric, said the following about the lawsuit to MarketWatch:
“We were surprised and disappointed that the County of Maui rushed to court even before completing its own investigation. We believe the complaint is factually and legally irresponsible […] Unfortunately, the county’s lawsuit may leave us no choice in the legal system but to show its responsibility for what happened that day.”
What This Means for HE Stock
Investors are celebrating this pushback from Hawaiian Electric as it seems to show it wasn’t connected to the Maui wildfires. That alleviates some of the worries traders had following the lawsuit, which caused a major dip in the HE share price.
Today’s news also brings with it heavy trading as some 26 million shares of the stock change hands. For the record, that’s well above its daily average trading volume of about 4.2 million shares. The news also has the stock up 37.6% as of Monday morning. For the record, the stock is still down 68.3% since the start of the year.
Traders looking for more of the latest stock market news for today are in luck!
We have all of the hottest stock market stories investors need to read about on Monday! Our coverage includes why shares of FuelCell Energy (NASDAQ:FCEL), VinFast (NASDAQ:VFS) and Crowdstrike (NASDAQ:CRWD) stock are rising. You can check out all of that news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.