Saturday, February 16, 2013

Apple Accused by Greenlight of Breaking Law

Apple Inc. is violating the law by packaging a measure to limit the offering of preferred shares with other matters up for a shareholder vote, Greenlight Capital Inc. told  Bloomberg.

David Einhorn’s investment firm said in a brief filed yesterday in federal court in Manhattan that Apple’s move would cause “an actual and imminent injury” to investors. The Feb. 27 vote should be stopped unless Apple unbundles the measures and allows each to be considered separately, Greenlight said in the filing.

Shareholders “will have been irrevocably stripped of their right to fair corporate suffrage -- the very right the unbundling rules were designed to vindicate,” Greenlight said in the filing, referring to U.S. Securities and Exchange Commission “unbundling” rules it alleges Apple is violating.

Read all about it at

No comments:

Post a Comment