In overturning the verdict, Judge James Teilborg of U.S. District Court in Arizona said the plaintiffs did not prove that their stock losses were caused by material misrepresentations made by the company.
The investors "failed to prove that Apollo's actions caused investors to suffer any harm," the judge wrote. "Therefore, Apollo is entitled to judgment as a matter of law."
The verdict ends a lawsuit that has been up in the air since 2004, and means Apollo will not have to pay stockholders who claimed the group had committed securities law violations.
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