U.S. District Judge Richard Sullivan in Manhattan yesterday
granted Greenlight’s request to stop a Feb. 27 vote that would require
shareholder approval before the company could issue a new class of preferred
shares. Following the ruling, Apple told Bloomberg it would pull the proposal
from its shareholder meeting.
Einhorn has used the lawsuit to drum up support among fellow
investors to get Apple to return some of its $137.1 billion in cash and
investments back to shareholders. The push comes as Apple’s stock has declined
36 percent from a record in September on concern that growth is slowing....
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