Greenlight Ends Apple Lawsuit

Mar 4 2013 | 2:53pm ET

Having forced Apple Inc. to drop a proxy proposal it opposed, Greenlight Capital is laying down its arms.

The hedge fund last week dropped its lawsuit against the company, following Apple's annual shareholder meeting. "Apple removed the bundled proposal from the shareholder meeting, therefore resolving the issue," a Greenlight spokesman said.

Greenlight had sued Apple to prevent a vote on a proposal that would have required shareholder approval for issuance of preferred shares; the hedge fund, which opposed the proposal, argued that Apple had improperly bundled it with two other corporate governance matters, and a federal judge agreed last month. Apple held its annual meeting on Wednesday.

Greenlight wants Apple to issue preferred shares as a way of returning some of its $137 billion cash horde to investors.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...