What is Apollo Global Management being sued for?

Shareholders are suing Apollo Global Management and its co-founders for allegedly defrauding them by falsely denying business dealings with Jeffrey Epstein in regulatory filings.

How did the lawsuit affect Apollo's stock value?

Following revelations about alleged dealings with Epstein, Apollo's stock dropped about 15%, wiping out approximately $12 billion in market value.

What was the finding of the January 2021 Dechert law firm review regarding Epstein?

The review found that Leon Black paid Jeffrey Epstein $158 million for tax and estate planning, but Apollo never retained Epstein for services, and Epstein never invested in Apollo-managed funds.

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Apollo sued over alleged Epstein dealings cover-up

3 Mar

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Summary

Shareholders allege Apollo falsely denied business with Jeffrey Epstein.
Apollo stock dropped 15%, wiping out $12 billion in value.
Lawsuit claims firm misled investors for nearly five years.

Apollo sued over alleged Epstein dealings cover-up

Shareholders have initiated a proposed class action lawsuit against Apollo Global Management, accusing the private capital firm and its billionaire co-founders, Leon Black and Marc Rowan, of defrauding them for close to five years. The core of the complaint, filed in Manhattan federal court, centers on allegations that the defendants made false statements in several regulatory filings during 2021 and 2022.

These filings allegedly denied any business relationship with Jeffrey Epstein. However, the lawsuit asserts that Epstein was significantly involved and frequently communicated with Apollo Global's senior leadership regarding the firm's business throughout the 2010s. This alleged deception came to light, contributing to a sharp decline in Apollo's stock.