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-   -   Greenlight Capital withdraws lawsuit against Apple (http://forums.macnn.com/113/tech-news/498534/greenlight-capital-withdraws-lawsuit-against-apple/)

 
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Greenlight Capital has withdrawn its lawsuit against Apple over a proxy proposal that was meant to be voted on at 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="http://macnn.com/rd/280185==http://www.electronista.com/articles/13/02/27/tim.cook.comments.on.share.price.new.products.spac eship.campus/" rel='nofollow'>this week's shareholders' meeting</a>, says <em>AllThingsD</em>. Before the meeting Greenlight had managed to <A href="http://www.electronista.com/articles/13/02/22/measure.must.now.be.excluded.from.shareholder.meet ing/">secure an injunction against the vote</a> from a federal judge. Regarding the withdrawal, a Greenlight spokesman <a href="http://macnn.com/rd/280186==http://allthingsd.com/20130301/einhorns-greenlight-drops-apple-suit/?mod=atdtweet" 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 />
<br />
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="http://macnn.com/rd/280184==http://www.macnn.com/articles/13/02/12/calls.greenlight.lawsuit.silly.sideshow/" rel='nofollow'>described the case as a "silly sideshow."</a>
 
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