Hawaiian Electric Industries plunged the most in almost a year after issuing a going-concern warning.
The utility owner continues to face fallout from a wildfire last year in Maui that killed dozens of people and destroyed the historic town of Lahaina. The company said late Friday it’s required to disclose a going-concern risk in its financial statements until it can develop a plan to pay for settlement obligations. It pegged losses from estimated accrual of liabilities stemming from the disaster at $1.7 billion.
The shares slumped as much as 22 percent Monday, the most intraday since August 2023, the month of the fire. The stock was down 14 percent to $13.32 at 4 p.m. in New York.
Hawaiian Electric said earlier this month that it had agreed to pay almost $2 billion as part of a $4 billion settlement to resolve hundreds of lawsuits over the deadly 2023 blazes. Executives said Friday that payments will come in four equal installments, with the first made no earlier than mid-2025.
