WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Baxter International Inc. (NYSE: BAX) between May 12, 2022 and February 8, 2023, both dates inclusive (the “Class Period”), of the important September 11, 2023lead plaintiff deadline.
SO WHAT: If you purchased Baxter securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Baxter class action, go to https://rosenlegal.com/submit-form/?case_id=17664 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 11, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Baxter concealed the true extent of the supply chain problems it was experiencing while simultaneously exaggerating its ability to maintain a healthy supply chain in the face of global pressures; (2) as a result, Baxter’s projected earnings were materially misleading during the Class Period; (3) the foregoing, once revealed, was reasonably likely to have a material negative impact on Baxter’s financial condition; and (4) as a result, Baxter’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
WASHINGTON, Aug. 26, 2023 /PRNewswire/ — Sixty years ago, leaders of the civil rights movement and some 250,000 supporters gathered on the National Mall in Washington, D.C., to make their voices heard in a fight against discrimination, segregation and laws denying people of color the right to vote. This March on Washington was the setting for Dr. Martin Luther King’s historic “I Have a Dream” speech. Many American mayors were strong advocates for civil rights in the 1960s, and civil rights has remained a core priority for The United States Conference of Mayors (USCM) in the sixty years since. Today, as mayors celebrate the legacy of the March on Washington and recognize the work that still needs to be done, USCM President and Reno (NV) Mayor Hillary Schieve and USCM CEO and Executive Director Tom Cochran released the following statement:
“The March on Washington was an inflection point in our history, made possible by courageous Americans who would not accept a society in which anyone’s liberty and opportunities were limited by the color of their skin. The leaders of the 1963 March and all those who marched with them remain an inspiration to mayors today. Our cities are stronger because of their determination and their sacrifice.
“While great progress has been made, we know the work of creating a more perfect union is not yet done. The U.S. Conference of Mayors remains steadfast in its commitment to root out discrimination of all forms, to work toward true equity and equality for all Americans, and to achieve racial justice. We will not tolerate bigotry, and we will not stop marching until the promise of America is available to all.”
About the United States Conference of Mayors – The U.S. Conference of Mayors is the official nonpartisan organization of cities with populations of 30,000 or more. There are more than 1,400 such cities in the country today, and each city is represented in the Conference by its chief elected official, the mayor. Follow our work on X, Facebook, Instagram, LinkedIn, Threads, and Medium.
Amgen is Changing the Cardiovascular Disease Treatment Landscape With New Research on Innovative Lipid Management
New Olpasiran Phase 2 Data Demonstrates Continued Reduction of Lp(a) Nearly a Year After the Last Dose
Amgen Convenes First LDL Awareness to Action Implementation Consortium
THOUSAND OAKS, Calif., Aug. 26, 2023 /PRNewswire/ — Amgen (NASDAQ:AMGN) today announced data from the final analysis of the Phase 2 OCEAN(a)-DOSE study of olpasiran, a small interfering RNA (siRNA) during the Late-Breaking Science Session at the European Society of Cardiology (ESC) Annual Meeting being held in Amsterdam. In the off-treatment extension period, olpasiran showed a lasting effect on Lp(a) reduction nearly a year after the last dose.
Results from the OCEAN(a)-DOSE Phase 2 study announced in November of 2022 showed that doses of olpasiran ≥75 mg Q12W reduced patients’ Lp(a) by >95% at week 36. The results from the off-treatment extension period show that patients previously dosed with ≥75 mg of olpasiran sustained a ~40-50% placebo-adjusted percent reduction in Lp(a) nearly a year after the last dose. No new safety concerns were identified during the off-treatment extension period.
“We are dedicated to reducing LDL cholesterol levels in people globally and continuing to pioneer ways to address the greatest risk factors in cardiovascular disease, including Lp(a). Worldwide, millions of people are at an increased risk of cardiovascular events due to elevated Lp(a) levels. Unfortunately, there are no approved medicines,” said Paul Burton, senior vice president and chief medical officer at Amgen. “Data from the off-treatment extension period provide additional evidence of olpasiran’s lasting effect in reducing Lp(a) levels. We are quickly advancing the Phase 3 cardiovascular outcome trial.”
Additionally, this study was the first to explore the effects of olpasiran on a key biomarker strongly associated with atherosclerosis, pro-atherogenic OxPL-apoB [Oxidized Phospholipids (Ox-PL) on apoB-100 (apoB)]. During the treatment period, olpasiran showed a dose-dependent reduction in pro-atherogenic OxPL-apoB.
“Additional results from the OCEAN(a)-DOSE study continue to be encouraging, as they tell us olpasiran not only robustly reduces Lp(a) levels, but that it has a long-lasting effect on this important risk factor for ASCVD,” said Michelle L. O’Donoghue, MD, MPH, associate professor, Harvard Medical School, Cardiovascular Medicine and lead investigator of the OCEAN(a)-DOSE study. “Additionally, we were able to show that olpasiran reduced OxPL-apoB, further adding to the potential of RNA interference with olpasiran as a promising treatment approach to reducing elevated Lp(a).”
LDL Awareness to Action Implementation Consortium
Amgen is committed to working with stakeholders to achieve the goal of reducing cardiovascular disease globally and, this year at ESC, convened a new LDL Awareness to Action Implementation Consortium (LATAIC). LATAIC is focused on improving LDL-C testing and evidence-based treatment through identification of opportunities to accelerate efficiency and impact of the translation of evidence-based research into clinical practice. The consortium is comprised of leading CV institutions, including Duke, Harvard’s BAIM Institute, Johns Hopkins, Geisinger, University of Colorado, St. Luke’s, Brigham and Women’s Hospital, Providence, Yale and UT Southwestern.
“I am proud to be working alongside Amgen and other cross disciplinary leaders in the cardiovascular space to increase LDL-C testing and implementation of evidence-based treatment, in order to tackle the urgent public health crisis of cardiovascular disease,” said C. Michael Gibson, M.D., chief executive officer at the non-profit BAIM Institute of Clinical Research, and professor of medicine, Harvard. “We hope to enable scalable action to address unmet LDL needs, drive efficiency, and improve quality of care for patients by expanding LATAIC to include other CVD industry stakeholders.”
For more information about the ESC abstracts, see below.
Amgen Abstracts
RNA inhibition of Lp(a) with Olpasiran: Effects on Oxidized Phospholipids and Primary Results of the OCEAN(a)-DOSE Extension Program on Long-Term Efficacy and Safety Late-breaker, Saturday, Aug. 26, 4:45-5:00 pm CEST
Cardiovascular Outcomes in Patients with Coronary Artery Disease and Elevated Lipoprotein(a): Implications for the OCEAN(a)-Outcomes Trial Population. Oral Presentation, Sunday, Aug. 27, 10:55-11:05 am CEST
Characteristics of patients initiating PCSK9i mAb following myocardial infarction and comparability of treatment groups in the Netherlands. Moderated poster, Monday, Aug. 28, 2:15-3:00 pm CEST
Improving risk stratification of recurrent myocardial infarction in a large real-world dataset using machine learning. Moderated poster, Saturday, Aug. 26, 11:15-12:00 pm CEST
Investigator-Sponsored Studies (ISS)
Randomised trial of cholesterol lowering with EVOLocumab to prevent cardiac allograft Vasculopathy in De-novo heart transplant recipients. Late-breaker, Monday, Aug. 28, 11:30-11:45 am CEST
Effect of evolocumab on platelet function in patients with acute coronary syndromes: An analysis of the randomized, double-blind, placebo-controlled EVOPACS Trial. Moderated poster, Monday, Aug. 28, 5:15-6:00 pm CEST
PCSK9 inhibition with evolocumab decreases myocardial inflammation in individuals with acute coronary syndrome [EVACS data]. Oral presentation, Saturday, Aug. 26, 2:00-2:10 pm CEST
Lipoprotein(a) and the risk of Major Adverse Limb Events in Patients with Stable Atherosclerotic Vascular Disease [FOURIER/no evo data]. Moderated poster, Saturday, Aug. 26, 11:15-12:00 pm CEST
About Lp(a)
Lp(a) is genetically determined1-5 and a presumed independent risk factor for cardiovascular disease (CVD). Although an agreed-upon threshold for elevated Lp(a) is not firmly established, approximately 20% of adults have Lp(a) >125 nmol/L (or approximately 50 mg/dL).3,4 Evidence has emerged from pathophysiological, epidemiologic, and genetic studies on the potential role of elevated Lp(a) in contributing to myocardial infarction, stroke, and peripheral arterial disease.5
About OCEAN(a)
The OCEAN(a) (Olpasiran Trials of Cardiovascular Events And LipoproteiN(a) Reduction) clinical program for Amgen’s investigational olpasiran is designed to treat patients with atherosclerotic cardiovascular disease (ASCVD) and elevated Lp(a) levels to reduce the risk of cardiovascular events. The OCEAN(a)-DOSE trial is a multicenter, randomized, double-blind, placebo-controlled dose-finding Phase 2 study in 281 patients with ASCVD and Lp(a) >150 nmol/L. Patients were randomly assigned to one of four active subcutaneous doses of olpasiran (10 mg Q12 weeks, 75 mg Q12 weeks, 225 mg Q12 weeks or 225 mg Q24 weeks) or placebo. The primary endpoint is percent change from baseline in Lp(a) at 36 weeks. A secondary endpoint is percent change from baseline in Lp(a) at 48 weeks. For the off-treatment extension period, patients were followed for a minimum of 24 weeks. A biomarker discovery analysis was performed on the percent change from baseline in OxPL-apoB [Oxidized Phospholipids (Ox-PL) on apoB-100 (apoB)] at weeks 36 and 48.
About Amgen
Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics. This approach begins by using tools like advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology.
Amgen focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve health outcomes and dramatically improve people’s lives. A biotechnology pioneer since 1980, Amgen has grown to be one of the world’s leading independent biotechnology companies, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential.
Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average and is also part of the Nasdaq-100 index. In 2023, Amgen was named one of “America’s Greatest Workplaces” by Newsweek and one of “America’s Climate Leaders” by USA Today.
This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeiGene, Ltd. or Kyowa-Kirin Co., Ltd.), the performance of Otezla® (apremilast) (including anticipated Otezla sales growth and the timing of non-GAAP EPS accretion), the Teneobio, Inc. acquisition, the ChemoCentryx, Inc. acquisition, or the proposed acquisition of Horizon Therapeutics plc (including the potential outcome of any litigation with the Federal Trade Commission, prospective performance and outlook of Horizon’s business, performance and opportunities and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, preclinical results do not guarantee safe and effective performance of product candidates in humans. The complexity of the human body cannot be perfectly, or sometimes, even adequately modeled by computer or cell culture systems or animal models. The length of time that it takes for us to complete clinical trials and obtain regulatory approval for product marketing has in the past varied and we expect similar variability in the future. Even when clinical trials are successful, regulatory authorities may question the sufficiency for approval of the trial endpoints we have selected. We develop product candidates internally and through licensing collaborations, partnerships and joint ventures. Product candidates that are derived from relationships may be subject to disputes between the parties or may prove to be not as effective or as safe as we may have believed at the time of entering into such relationship. Also, we or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market.
Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. If we fail to meet the compliance obligations in the corporate integrity agreement between us and the U.S. government, we could become subject to significant sanctions. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, such as COVID-19, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful. There can be no guarantee that we will be able to realize any of the strategic benefits, synergies or opportunities arising from the Horizon acquisition, and such benefits, synergies or opportunities may take longer to realize than expected. We may not obtain regulatory clearance to acquire Horizon or be able to successfully integrate Horizon, and such acquisition or integration may take longer, be more difficult or cost more than expected. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our environmental, social and governance objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.
Any scientific information discussed in this news release relating to new indications for our products is preliminary and investigative and is not part of the labeling approved by the U.S. Food and Drug Administration for the products. The products are not approved for the investigational use(s) discussed in this news release, and no conclusions can or should be drawn regarding the safety or effectiveness of the products for these uses.
BUDAPEST, Hungary, Aug. 26, 2023 /PRNewswire/ — iFLYTEK launched the Budapest Joint A.I. Open Platform this week at the World Athletics Championships (WAC) in Budapest, Hungary. The Platform creates a global ecosystem bringing together cutting-edge technology with global partners’ expertise to develop innovative products and services.
iFLYTEK and Global Partners launch the Budapest Joint A.I. Open Platform this week at the World Athletics Championships in Budapest
At the press conference, Director of the iFLYTEK R&D Institute Mingkang Long, said the Joint A.I. Open Platform will gather advanced voice technology to build a global A.I. ecosystem. He added that iFLYTEK’s multilingual capabilities available to developers will increase to more than 100 by the end of 2023.
iFLYTEK partnered with SpeechTex, a BME (Budapest University of Technology and Economics)-incubated enterprise, to launch the Budapest Joint A.I. Open Platform during the World Athletics Championships Budapest 23. iFLYTEK serves as the official event supplier of the Championships and supplies the WAC Budapest 23 with communication and translation capabilities.
iFLYTEK’s Senior Vice President Jidong Yu and iFLYTEK’s international partners—including the Speech Communications and Smart Interactions Labs (SmartLabs), BME TMIT (Department of Telecommunications and Media Informatics) [Hungary], Speechmatics [U.K], Acapela [Belgium], Mediazen [South Korea], Communications and Information Technology & Applied Innovation Center (AIC) [Egypt], A.I. Inc. [Japan], and SpeechTex [Hungary]—joined the press conference.
Harnessing the power of science and technology, individuals and organizations from diverse countries can exchange ideas for mutual gain. In this spirit, iFLYTEK proactively extended invitations to voice technology companies and institutions from Belgium, Britain, Hungary, Japan, South Korea, and Egypt to provide intelligent voice technology based on their native languages.
By synergizing its capabilities with its partners’ technologies, iFLYTEK has provided barrier-free technical services for the WAC Budapest 23. Through the Budapest Joint A.I. Open Platform, iFLYTEK will further leave its mark on international technology cooperation and friendship.
About iFLYTEK – iFLYTEK is one of the world’s leading artificial intelligence (A.I.) and speech technology companies. For more information, please visit https://www.iflytek.com/en/.
NEW YORK, Aug. 26, 2023 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Seagate Technology Holdings plc (“Seagate” or the “Company”) (NASDAQ: STX) and reminds investors of the September 8, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Seagate stock or options between September 15, 2020 and October 25, 2022and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/STX.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
Seagate is a leading global supplier of data storage products, including hard disk drives (“HDDs”). By the start of the Class Period, Huawei Technologies Co. Ltd. (“Huawei”), a Chinese multinational technology, had emerged as a significant global purchaser of data storage products, including HDDs, produced by Seagate and other U.S.-based suppliers. On May 16, 2019, Huawei and certain of its non-U.S. affiliates were added to the U.S. Department of Commerce Bureau of Industry and Security’s (“BIS”) Export Administration Regulations (“EAR”) Entity List (“Entity List”). The EAR Entity List is a list of names of certain foreign persons and entities that are subject to specific license requirements for the export, re-export, and/or transfer (in-country) of specified items. The Entity List designation was based on a determination made by multiple U.S. government agencies “that there is reasonable cause to believe that Huawei has been involved in activities contrary to the national security or foreign policy interests of the United States.” Then, on August 17, 2020, the BIS imposed export controls over certain foreign-produced items “to better address the continuing threat to U.S. national security and U.S. foreign policy interests posed by Huawei and its non-U.S. affiliates.”
As the Seagate class action lawsuit alleges, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (i) the nature and magnitude of Seagate’s HDD sales to Huawei, including that Seagate experienced a significant acceleration in sales to Huawei immediately after the BIS rules went into effect and Seagate’s competitors stopped selling to Huawei; and (ii) that the underlying details of Seagate’s HDD manufacturing process, including the use of covered U.S. software and technology in “essential ‘production'” processes, rendered its sales to Huawei in violation of the BIS export rules As a result, Seagate was in blatant violation of the BIS export rules which resulted in an ongoing investigation by the U.S. Department of Commerce and exposed Seagate to hundreds of millions of dollars in fines and penalties.
On October 26, 2022, Seagate disclosed that it received a Proposed Charging Letter from the BIS alleging that Seagate violated the EAR by providing Seagate HDDs to “a customer and its affiliates listed on the BIS Entity List between August 2020 and September 2021.” On this news, the price of Seagate common stock fell nearly 8%, damaging investors. Over the following three trading days, Seagate’s stock price continued to drift lower, falling an additional nearly 7%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Seagate’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
NEW YORK, Aug. 26, 2023 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Hawaiian Electric Industries, Inc. (“Hawaiian Electric” or the “Company”) (NYSE: HE) and reminds investors of the October 23, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Hawaiian Electric stock or options between February 28, 2019 and August 16, 2023and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/HE.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Hawaiian Electric’s wildfire prevention and safety protocols and procedures were inadequate to meet the challenges for which they were ostensibly designed; (ii) accordingly, despite knowing the degree of risk that wildfires posed to Maui, the Company’s inadequate safety protocols and procedures placed Maui at a heightened risk of devastating wildfires; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Hawaiian Electric, together with its subsidiaries, engages in the electric utility, banking, and non-regulated renewable/sustainable infrastructure investment businesses in the state of Hawaii. The Company provides service to 95% of Hawaiian residents and operates in three segments, including the Electric Utility segment, which engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai.
In early August 2023, a series of severe wildfires broke out in Hawaii, predominantly on the island of Maui. The most destructive fire began in West Maui near the town of Lahaina on the morning of August 8, 2023. By that afternoon, intense winds had knocked down approximately 30 utility poles throughout Maui, resulting in at least 15 separate outages impacting more than 12,400 customers. Moreover, videos captured by local residents showed that downed power lines belonging to Hawaiian Electric appeared to have ignited at least several of the fires. Ultimately, the wind-driven fires prompted evacuations, caused widespread damage, and have killed at least 114 people, with some 850 others still missing in Lahaina.
On August 12, 2023, news outlets began reporting that Hawaiian Electric lacked the proper policies and procedures to mitigate the impact of the wildfires. Specifically, it was revealed that, at the time the wildfires began, the Company did not maintain a public power shutoff plan—i.e., a plan in which electricity is intentionally cut off to areas where strong wind events could cause the fires to spread.
On this news, Hawaiian Electric’s stock price fell $10.94 per share, or 33.76%, to close at $21.46 per share on August 14, 2023.
Then, on August 16, 2023, the Wall Street Journal (“WSJ”) reported that Hawaiian Electric is meeting with firms that specialize in restructuring advisory work, exploring options for the various financial and legal challenges that the Company faces as a consequence from the Maui wildfires.
Finally, on August 17, 2023, the WSJ reported that Hawaiian Electric had for years been aware of the threat posed by wildfire but waited years to act. Indeed, the WSJ stated that between 2019 and 2022 the Company spent less than $245,000 on wildfire-specific projects on Maui and did not seek state approval to raise utility rates to pay for broad wildfire safety improvements until 2022.
Following the publication of the WSJ articles, Hawaiian Electric’s stock price fell $2.54 per share, or 17.43%, to close at $12.03 per share on August 17, 2023.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Hawaiian Electric’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
