Greenlight Capital withdraws lawsuit against Apple
Friday, March 1, 2013 @ 12:34pm
Greenlight Capital has withdrawn its lawsuit against Apple over a proxy proposal that was meant to be voted on at this week's shareholders' meeting, says AllThingsD. Before the meeting Greenlight had managed to secure an injunction against the vote from a federal judge. Regarding the withdrawal, a Greenlight spokesman explains that the company managed to achieve its aims with the lawsuit. "Apple removed the bundled proposal from the shareholder meeting therefore resolving the issue."
Greenlight and its owner David Einhorn claimed that the proposal violated a Securities and Exchange Commission rule against bundling multiple proposals together, and would prevent a preferred stock plan the firm wanted. Apple, though, said that the SEC had already reviewed the measure, and that if passed the initiative would've actually benefited shareholders by giving them a vote over issuing preferred stock. At one point Apple CEO Tim Cook described the case as a "silly sideshow."