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

Q&A: George Schultze On His Fund's Unique Approach to Distressed Investing

Apr 16 2015 | 1:01am ET

George Schultze is a managing member of Schultze Asset Management, a long/short...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Minnesota Supreme Court Rejects The Ponzi Scheme Presumption: Lenders Claw Back Some Of Their Own Rights

Apr 17 2015 | 9:23am ET

A recent court ruling in Minnesota has put an end to the Ponzi Scheme Presumption...

 

Editor's Note