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Apollo, Riverstone, Talos Energy Board Sued for Self-Dealing (2)

June 4, 2020, 6:05 PMUpdated: June 4, 2020, 9:31 PM

Apollo Global Management, Riverstone Holdings, and the board of Talos Energy Inc. were hit with a Delaware lawsuit claiming they sold out public investors by plunging the offshore oil company into self-dealing transactions to earn windfalls for its private equity backers.

“Apollo and Riverstone treated the company as their own personal piggy bank, abusing their control over Talos and its stacked board to benefit themselves at the expense of the company and its public stockholders,” the shareholder suit says.

In addition to the directors and asset managers—which have “longtime ties” based on their investments in the same companies—the partly...

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