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Fly News Breaks for March 12, 2018
APO
Mar 12, 2018 | 06:03 EDT
Citi analyst William Katz upgraded Apollo Global Management to Buy while trimming his price target for the shares to $40 from $41.50.
News For APO From the Last 2 Days
APO
Mar 27, 2024 | 06:17 EDT
In the 2020 trial, Mohammed Ali Rashid, a former senior partner at Apollo Global, was accused of violating his duty to investors, Sujeet Indap of The Financial Times. At the time, Judge Kevin Castel concluded Apollo had been mistakenly and systematically charging expenses to the underlying funds, reducing their net returns and increasing Apollo's cut of overall profits. Castle ruled Apollo's accounting department deserved "significant blame," but still ruled Rashid violated U.S. securities law. Now, in 2024, Apollo's practices are back under the microscope, with an appeals court recently reversing Castel's decision, agreeing with Rashid that the private equity firm's expense system was broken enough at the time that Rashid could not have anticipated the victims of his illicit spending spree were Apollo's partners. Reference Link