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Einhorn Files Lawsuit Against Apple

Feb 07, 2013
Jing Chen

Hedge fund manager David Einhorn filed a lawsuit against technology giant Apple, Inc. Thursday.

Reuters reported that Einhorn, whose New York-based firm Greenlight Capital is long on Apple shares, is claiming that the technology company has a “cash problem,” which could be fixed by giving its stockholders “perpetual preferred stock with a 4 percent yield.”

Eimhorn told Reuters that the "idea is powerful" and would be an “enormous win-win.”

The article also reported that Einhorn, in a letter to other Apple shareholders, claimed that "Apple has $145 per share of cash on its balance sheet. As shareholder[s], this is [their] money."

Apple shares, which had fallen 35% from September through Wednesday, were up 0.9% during trading Thursday morning

Greenlight had about $6 billion in assets under management as of September 30.

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