{"id":740137,"date":"2013-03-01T11:58:31","date_gmt":"2013-03-01T16:58:31","guid":{"rendered":"http:\/\/gigaom.com\/?p=615842"},"modified":"2013-03-01T11:58:31","modified_gmt":"2013-03-01T16:58:31","slug":"after-winning-injunction-investor-drops-suit-against-apple","status":"publish","type":"post","link":"https:\/\/mereja.com\/index\/740137","title":{"rendered":"After winning injunction, investor drops suit against Apple"},"content":{"rendered":"

Fresh off of his winning an injunction against an Apple shareholder proposal he didn’t like, hedge fund manager David Einhorn of Greenlight Capital has dropped his lawsuit against Apple. A New York federal court closed the case after a Thursday filing, according to MarketWatch<\/a>.<\/p>

Though he got what he wanted in regard to the shareholder proposal<\/a>, this is not the end of Einhorn’s spat with Apple, whom he recently compared to a Depression Era grandmother because of how conservative the company is about keeping cash around.<\/p>

Einhorn owns about 1 million shares of Apple stock. He sued the company because he disagreed with a proposal that would have required Apple to get shareholder approval before issuing any kind of preferred stock. He won an injunction from a federal judge who said Apple had wrongly “bundled” the proposal regarding preferred stock with other tweaks to the company’s charter in one proposal. As a result, Apple was forced to take the proposal off the shareholder ballot, which was voted on this past Tuesday at the company’s annual meeting in California<\/a>.<\/p>

Einhorn has meanwhile taken his plan for Apple to offer a preferred stock he’s dubbed “iPrefs”<\/a> — that would pay a 50 cent quarterly dividend forever — public. Apple CEO Tim Cook has promised to review the proposal, but hasn’t yet offered a public answer to Einhorn.<\/p>
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