David Einhorn withdraws shareholder lawsuit against Apple

Mobile & tablets

by CBR Staff Writer| 04 March 2013

Last week, a US federal judge had granted Einhorn's request to block Apple from holding a shareholder vote

American hedge fund manager, David Einhorn has withdrawn his lawsuit against Apple after the company dropped its planned vote of shareholders.

Last week, a US federal judge granted Einhorn's request to block the company from holding a vote, which was scheduled on 27th of last month.

Einhorn, founder of investment management firm, Greenlight Capital, demanded Apple to disburse more of its $137bn cash pile to shareholders.

He urged all shareholders to vote against Proposal 2 in Apple's proxy, which eliminates the company's ability to issue preferred stock.

Greenlight said, "Apple removed the bundled proposal from the shareholder meeting, therefore resolving the issue."

Last month, Apple CEO, Tim Cook, described Einhorn's lawsuit as a "silly sideshow" and a waste of time.

Apart from Einhorn, Apple has also been sued by a Pennsylvania investor, Brian Gralnick, in order to stop the company from holding a shareholder vote on two proxy proposals.

Apple reported a 18% rise in its revenue to $54.51bn for the fiscal first quarter of 2013, compared to $46.33bn for the same period last year.

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