A federal judge in California has dismissed a securities class action claim against Hawaiian Electric Industries Inc. and its subsidiaries, concluding a shareholder plaintiff hadn’t shown the utility provider knowingly misrepresented its preparedness for last year’s wildfire in Lahaina, Hawaii.
U.S. District Judge Jacqueline Scott Corley of the Northern District of California wrote in her Oct. 15 opinion that it hadn’t been proven at the motion-to-dismiss stage that Skadden-represented Hawaiian Electric overstated its infrastructure-related precautions, those recommended by experts or the extent of its subsidiary oversight. She gave shareholders until Nov. 12 to amend their complaint.