Pomerantz LLP announces: (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

SAN FRANCISCO, March 23, 2026 (GLOBE NEWSWIRE) --  Pomerantz LLP announces a proposed settlement involving all persons and entities who purchased or otherwise acquired Hawaiian Electric Industries Inc. (“HEI”) securities.

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
SAN FRANCISCO DIVISION

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND
PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING;
AND (III) MOTION FOR AN AWARD OF ATTORNEYS’ FEES
AND REIMBURSEMENT OF LITIGATION EXPENSES

TO: All persons and entities who, during the period between February 28, 2019 through September 4, 2023, inclusive, purchased or otherwise acquired Hawaiian Electric Industries Inc. (“HEI”) securities and were allegedly damaged thereby (the “Settlement Class”)

PLEASE READ THIS NOTICE CAREFULLY, AS YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of California, that the above-captioned litigation (the “Action”) has been preliminarily certified for settlement purposes only as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full printed Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”).

YOU ARE ALSO NOTIFIED that Plaintiffs in the Action have reached a proposed settlement of the Action for $47,750,000 (the “Settlement”), that, if approved, will resolve all claims in the Action.

A hearing will be held on August 13, 2026 at 9:00 a.m., before the Honorable Jacqueline Scott Corley in Courtroom 8, 19th Floor, United States District Court for the Northern District of California, Phillip Burton Federal Building, 450 Golden Gate Avenue, San Francisco, CA 94102, to determine: (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation and Agreement of Settlement dated January 5, 2026, should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Plaintiffs’ Counsel’s application for an award of attorneys’ fees and reimbursement of expenses and Lead Plaintiff’s reimbursement for his time and expenses should be approved. The Court reserves the right to hold the Settlement Fairness Hearing telephonically or by other virtual means.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the Notice and Proof of Claim Form (“Claim Form”), you may obtain copies of these documents by contacting the Claims Administrator at info@HawaiianElectricSecuritiesSettlement.com. Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.HawaiianElectricSecuritiesSettlement.com.

If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form to the Claims Administrator postmarked no later than June 25, 2026, or submitted electronically by 11:59 p.m. ET on June 25, 2026. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than June 25, 2026, by the Claims Administrator, Plaintiffs’ Counsel, and Defendants’ Counsel, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Plaintiffs’ Counsel’s motion for attorneys’ fees and reimbursement of expenses and reimbursement to Lead Plaintiff, must be filed with the Clerk of the Court and delivered to Plaintiffs’ Counsel and Defendants’ Counsel such that they are received no later than June 25, 2026:

Please do not contact the Court, the Clerk’s Office, HEI, any of the other Defendants or their counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Plaintiffs’ Counsel or the Claims Administrator.

Inquiries, other than requests for the Notice and Claim Form, should be made to Plaintiffs’ Counsel:

POMERANTZ LLP
Jeremy Lieberman, Esq.
600 Third Ave., 20^th Floor
New York, NY 10016-1917
Telephone: 212-661-1100
jalieberman@pomlaw.com

Requests for the Notice and Claim Form should be made to:

Hawaiian Electric Securities Settlement
c/o Verita Global, LLC
P.O. Box 301133
Los Angeles, CA 90030-1133
Tel: 1-888-808-8046
info@HawaiianElectricSecuritiesSettlement.com
www.HawaiianElectricSecuritiesSettlement.com

By Order of the Court

Contact (media only): Jeremy Lieberman 212-661-1100, jalieberman@pomlaw.com

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