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Apollo Draws Fury From Small-Time Investors Who Lost Everything

April 18, 2019, 4:40 PM

The opportunity was tantalizing: invest alongside the mighty Apollo Global Management LLC.

But what looked like a sure thing turned out to be a big loser -- and accusations are flying.

The dust-up involves CEVA Logistics AG, a Swiss company that Apollo acquired more than a decade ago.

Former executives today say Apollo double-crossed them. In a $34 million class-action lawsuit against Apollo and CEVA, they say the buyout firm looked out for its own interest and used a deft stroke of financial engineering that ended up wiping out their equity. Apollo denies wrongdoing.

“We believe the claims against Apollo ...