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.