Leon Black’s Apollo Global sued over alleged CEVA fraud

A new lawsuit has been filed against Apollo Global Management, the private equity company which owns CEVA. The suit alleges that Apollo conspired to take some $20m from executives at the company who had been encouraged to buy shares, which were then rendered valueless after Apollo arranged a debt-for-equity swap. The lawsuit alleges that a Morgan Stanley valuation of CEVA indicated the 3PL could be worth $3.75bn – enough to pay off its debt obligations and give value to equity holders. ...