Greenlight Capital Inc. urged a federal judge Tuesday to block a coming vote on an Apple Inc. shareholder proposal, accusing the technology giant of forcing Greenlight to vote against its own interests by lumping differing proposals into one.
Apple Inc. issued a reply to a lawsuit filed by Greenlight Capital Inc., defending a proposal on its proxy and accusing Greenlight’s founder David Einhorn of using the suit to “induce” Apple to adopt a new type of preferred stock.
The walk-up to Apple’s Feb. 27 shareholder meeting got more interesting last week when shareholder Greenlight Capital sued the company over its proxy as part of an effort to get Apple to return more cash to shareholders.
Shareholder adviser ISS Proxy Advisory Services has urged investors to vote for an Apple Inc. proposal to eliminate the company’s power to issue preferred stock without shareholder approval, after hedge-fund manager David Einhorn of Greenlight Capital Inc. challenged Apple’s proposal earlier this week.