Apollo (APO) said it never did business with Jeffrey Epstein, and that position was echoed in public statements and later filings. But records later described in Financial Times and CNN reports allegedly showed Epstein communicating with Apollo executives about firm matters and receiving internal financial information. Investors claim those earlier assurances omitted material risks, and Apollo shares fell in stages after the 2026 disclosures.
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Investors who purchased Apollo Global Management (NYSE: APO) shares are taking note of a newly filed federal lawsuit alleging that the firm misled shareholders for years about its connections to Jeffrey Epstein.
A federal securities lawsuit filed in the Southern District of New York alleges that Apollo Global Management, its CEO, Marc Rowan, and co-founder, Leon Black, repeatedly told investors that the firm never conducted business with the late Jeffrey Epstein, despite the individual defendants allegedly having communicated with Epstein about Apollo’s business affairs throughout the 2010s. When documents released by the U.S. Department of Justice in early 2026 reportedly contradicted those prior statements, Apollo’s share price fell sharply on multiple occasions. The proposed class period runs from May 10, 2021, through February 21, 2026.
If you purchased Apollo Global Management securities during the class period and suffered losses, you may wish to explore your legal options.
Apollo Global Management: Firm Overview and Background
Apollo Global Management describes itself as a “high-growth, global alternative asset manager and a retirement services provider.” The company is incorporated in Delaware and headquartered in New York, with its common stock trading on the New York Stock Exchange under the ticker symbol “APO.”
Leon Black co-founded Apollo Global and previously served as its CEO and chairman before stepping down. As of April 25, 2025, he continued to hold approximately 7.0% of Apollo Global’s common stock. Marc Rowan succeeded Black as CEO and has served in that role throughout the relevant period.
The complaint notes that, in October 2020, the company hired law firm Dechert LLP to conduct an independent review of Black’s relationship with Epstein. The findings of that review, known as the Dechert Report, were publicly released on January 25, 2021, and stated that Apollo had never retained Epstein for services and that Epstein had never invested in Apollo-managed funds.
The Core of What Plaintiffs Allege
The lawsuit centers on the allegation that Apollo Global repeatedly told investors and regulators that the firm had no business dealings with Jeffrey Epstein, when in fact the individual defendants allegedly communicated with Epstein frequently about Apollo’s business matters throughout the 2010s. Plaintiff alleges that these statements were materially false and misleading because Epstein was allegedly heavily involved with and regularly in contact with Apollo’s senior leadership on sensitive company matters.
The complaint further alleges that subsequent SEC filings signed by CEO Rowan under the Sarbanes-Oxley Act certified the accuracy of financial reporting and disclosure of all fraud, incorporating the Dechert Report by reference each quarter without disclosing the alleged extent of Epstein’s involvement. According to the lawsuit, this pattern of alleged misstatement repeated across multiple quarterly and annual reports from 2021 onward.
Investors who held Apollo shares during this period and want to stay informed about the litigation are encouraged to follow developments as they unfold.
Statements Attributed to Apollo Management
The complaint cites several specific public statements made by company representatives and the individual defendants regarding the firm’s relationship with Epstein. On the company’s earnings call for the quarter ended September 30, 2020, Apollo’s Head of Investor Relations, Gary M. Stein, stated: “Apollo never did any business with Jeffrey Epstein.”
On that same call, Leon Black echoed those remarks, stating: “First and most important, Apollo never did any business with Epstein. Neither Epstein nor any company controlled by him ever invested in any funds managed by Apollo.” These statements, along with the Dechert Report’s findings, were then incorporated by reference into multiple subsequent SEC quarterly and annual filings, all certified by Defendant Rowan pursuant to the Sarbanes-Oxley Act.
How the Alleged Truth Emerged
The lawsuit identifies a series of disclosures beginning in early 2026 that it characterizes as revealing the alleged true nature of the relationship between Apollo leadership and Epstein. On February 1, 2026, the Financial Times published a report citing documents released by the U.S. Department of Justice, which reportedly showed that Epstein had requested and received internal Apollo financial documents and had communicated with the firm’s senior decision-makers on sensitive matters, including tax strategy and business development. The complaint alleges Rowan corresponded with Epstein regarding Apollo’s tax receivable agreement and a potential corporate tax inversion, and that meetings involving Apollo executives allegedly took place at Epstein’s Manhattan townhouse.
Following that report, Apollo’s share price fell $1.35 per share on February 2, 2026, closing at $133.19, and dropped an additional $6.34 the following day to $126.85. On February 17, 2026, a second Financial Times article reported that the American Federation of Teachers and the American Association of University Professors had written to the SEC, urging an investigation into Apollo’s investor communications, prompting shares to decline further from $125.15 to $118.34. A subsequent CNN report on February 21, 2026, reported additional commentary questioning why Rowan’s alleged prior contact with Epstein had not been previously disclosed, and Apollo shares fell approximately 5% more to close at $113.73 on February 23, 2026.
Why This Lawsuit May Matter to Apollo Investors
The case alleges that, over a period spanning several years, investors in Apollo Global Management were given an inaccurate picture of the firm’s connections to a convicted sex offender. Plaintiff argues that, had the alleged nature and extent of the contact between Apollo’s leadership and Epstein been disclosed, the company’s stock would not have traded at the prices it reached during the class period. The three separate stock price drops following the 2026 disclosures, totaling more than $20 per share over a three-week span, form the basis of the alleged investor losses.
The case is significant for shareholders who purchased Apollo stock during the proposed class period, as the allegations tie the stock’s alleged inflation directly to a series of public statements and certifications made in SEC filings over multiple years.
Legal Claims in the Lawsuit
The plaintiff asserts two counts under the Securities Exchange Act of 1934. The first, brought against all defendants under Section 10(b) and SEC Rule 10b-5, alleges that defendants employed deceptive devices, made untrue statements of material fact, and omitted information necessary to make their statements not misleading in connection with investors’ purchases of Apollo securities during the class period. The second count, brought under Section 20(a) against the individual defendants, alleges that Rowan and Black exercised control over Apollo’s public statements and are therefore liable as controlling persons for the company’s alleged violations.
If you purchased Apollo Global Management securities between May 10, 2021, and February 21, 2026, you may have legal rights worth exploring with a qualified securities attorney.
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