We analyzed the alleged misstatement, the reaction of sell-side and buy-side analysts, and its potential impact on their valuation of the company, and demonstrated that that the misrepresentation had no material impact. Specifically, we: Employed a detailed valuation model to isolate the impact of the alleged misrepresentations on each operating subsidiary Provided industry context and a primer on utility valuation so the SEC could better understand our analysis and frame its assessment of the case properly Results were presented in a clear, detailed reports with supporting materials and follow up meetings with company management, counsel and financial advisors