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  • Greenlight Capital Turns Red Light on Apple Lawsuit


    Last month, hedge fund manager David Einhorn, who oversees management of Greenlight Capital, filed a lawsuit against Apple in response to a growing "cash problem" the company purportedly exhibits. Blasting Apple's hoarding tendencies, Einhorn says Apple's $137 billion in cash-on-hand shouldn't be so far removed from shareholders.

    Greenlight brought the lawsuit to federal court, hoping it would force Apple to modify a proposal in its proxy at that time. Specifically, Greenlight was opposed to a proposal that would remove Apple's ability to issue preferred stock from its charter.

    Last week, Apple yanked that proposal from its shareholder meeting, after a federal judge ruled it had been “impermissibly bundled” with other matters requiring shareholder consideration, and issued an injunction preliminarily blocking a vote on it.
    On Friday, AllThingsD confirms, Einhorn's hedge fund dropped its lawsuit - a lawsuit that Apple CEO Tim Cook labeled as a "silly" sideshow. "I find it bizarre we find ourselves being sued for doing something that's good for shareholders," Cook remarked.

    “Apple removed the bundled proposal from the shareholder meeting, therefore resolving the issue," a Greenlight spokesman says.

    Source: AllThingsD
    This article was originally published in forum thread: Greenlight Capital Turns Red Light on Apple Lawsuit started by Michael Essany View original post
    Comments 2 Comments
    1. thevmax's Avatar
      thevmax -
      Let me guess...Judge Lucy Koh has a free Samsung Galaxy IV!
    1. Mrteacup's Avatar
      Mrteacup -
      Quote Originally Posted by thevmax View Post
      Let me guess...Judge Lucy Koh has a free Samsung Galaxy IV!
      Not only is she not the judge but Samsung had nothing to do with it and the judge had nothing to do with the case being thrown..