Einhorn’s Greenlight Drops “Silly” Apple Suit
We wish people involved in this lawsuit would take this money and donate it to a good cause. This is a waste of money for all involved. It’s a silly sideshow.
— Apple CEO Tim Cook
Einhorn’s Greenlight Capital on Friday withdrew the suit it brought against Apple over a proxy proposal that would have allowed shareholders to vote on eliminating preferred stock from the company charter. Last week, Apple yanked that proposal from its shareholder meeting, after a federal judge ruled it had been “impermissibly bundled” with other matters requiring shareholder consideration, and issued an injunction preliminarily blocking a vote on it. Apple CEO Tim Cook had characterized Greenlight’s suit as a “silly sideshow.”
Reached for comment, a Greenlight spokesman said the suit had served its purpose: “Apple removed the bundled proposal from the shareholder meeting, therefore resolving the issue.”