From Reuters: Fund manager David Einhorn's Greenlight
Capital sued Apple Inc, saying the company needs to do more to unlock value for
shareholders.
Einhorn, a well-known short seller, is long Apple shares and
said in a television interview on Thursday that while he admires the company,
it has a "cash problem" that it needs to fix.
Greenlight filed suit in federal court in New York to force
Apple to modify a proposal in its proxy, which Greenlight believes does not
conform to regulatory rules.
Greenlight said it is opposed to the proposal, No. 2 on
Apple's proxy, which the firm said would remove Apple's ability to issue
preferred stock from its charter.
In a filing with the U.S. Securities and Exchange
Commission, Greenlight said it was "dissatisfied with Apple's capital
allocation strategy."
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