Sunlight Financial Holdings investors sued Apollo Global Management and other architects of its blank-check merger, claiming shareholders were duped into participating in a disastrous deal that made millions for insiders.
The lawsuit accuses the private equity giant of engineering a lopsided transaction that wiped out public stockholders while handing a windfall to its own affiliates and Sunlight’s senior leaders, Bloomberg reports. The deal took Sunlight public in July 2021 by combining it with Spartan Acquisition II, backed by Apollo.
Sunlight is a U.S. residential solar-power financing platform. Read more.
