Parnes v. Bally Entertainment
Analysis Group assisted defendant Hilton Hotels Corporation in a lawsuit involving the announcement of a share repurchase program. Working with Latham & Watkins, we developed expert analysis and testimony in response to a claim of share price manipulation. Managing Principals Gaurav Jetley and Richard Starfield managed this assignment and worked with academic affiliate R. Glenn Hubbard, dean emeritus of Columbia Business School. The assignment involved conducting an event study to analyze the impact of the stock repurchase announcement on Hilton's stock price. Professor Hubbard successfully testified that the share repurchase announcement did not have a statistically significant impact on Hilton's stock price. The judge awarded no damages.