From the AP: A disgruntled Apple shareholder pressing the
iPhone and iPad maker to create a new class of preferred stock has dropped a
lawsuit that prompted the company to change its agenda at its annual meeting
this week.
Lawyers for hedge fund manager David Einhorn of Greenlight
Capital notified US District Judge Richard Sullivan in a letter sent Thursday
that they no longer planned to pursue the lawsuit. Sullivan then closed the
case. Einhorn had already achieved his goal last week when Sullivan issued a
preliminary ruling blocking an Apple Inc. proposal that would have required
shareholder approval before preferred stock could be issued. Apple withdrew the
proposal from the agenda at its annual meeting held Wednesday.
Apple's slumping stock fell to a new 52-week low $431.89 in
trading on Friday……
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