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.
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