Einhorn’s Greenlight Drops “Silly” Apple Suit

Published on March 1, 2013
by John Paczkowski

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

Thats_All_FolksHedge fund magnate and famous Apple bull David Einhorn has dropped his lawsuit against the company in which he holds some 1.3 million shares.

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.”

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