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Einhorn Drops Lawsuit Against Apple

Mar 04, 2013
Jing Chen

Hedge fund manager David Einhorn dropped its lawsuit against Apple, Inc. Friday after winning an injunction that barred the technology company from holding a shareholders' vote that would affect its ability to issue preferred stocks.

Reuters reported that Einhorn, the founder and president of New York-based firm Greenlight Capital, said that he withdrew the lawsuit after "Apple removed the bundled proposal from the shareholder meeting, therefore resolving the issue."

According to an earlier eVestment article, Einhorn wanted Apple to issue stockholders perpetual preferred stock with a 4% yield in an effort to unlock the technology company's $137 billion cash pile.

Greenlight, which is long on Apple shares, manages about $6 billion in assets.

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