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NewsPoster Mar 1, 2013 12:35 PM
Greenlight Capital withdraws lawsuit against Apple
Greenlight Capital has withdrawn its lawsuit against Apple over a proxy proposal that was meant to be voted on at <a href=" eship.campus/" rel='nofollow'>this week's shareholders' meeting</a>, says <em>AllThingsD</em>. Before the meeting Greenlight had managed to <A href=" ing/">secure an injunction against the vote</a> from a federal judge. Regarding the withdrawal, a Greenlight spokesman <a href="" rel='nofollow'>explains</a> that the company managed to achieve its aims with the lawsuit. "Apple removed the bundled proposal from the shareholder meeting therefore resolving the issue."<br />
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Greenlight and its owner David Einhorn claimed that the proposal violated a Securities and Exchange Commission rule against bundling multiple proposals together, and would prevent a preferred stock plan the firm wanted. Apple, though, said that the SEC had already reviewed the measure, and that if passed the initiative would've actually benefited shareholders by giving them a vote over issuing preferred stock. At one point Apple CEO Tim Cook <a href="" rel='nofollow'>described the case as a "silly sideshow."</a>
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