Legal News

Judge Approves Acceleration Request of Lawsuit Against Apple
Download PDF

A lawsuit filed last week by hedge fund manager David Einhorn’s Greenlight Capital has been fast-tracked at the request of Apple, according to CNET. The reason for the fast-tracking is so the company can share its cash reserves with investors.

U.S. District Judge Richard J. Sullivan for the Southern District of New York permitted the request from Apple, which moves the scheduled forward for a hearing on a preliminary injunction asked for by Greenlight Capital. Apple told the judge that the meeting would affect its shareholder meeting later in February.

  
What
Where


The request for modification asked that document filing dates be moved up by two or three days and that arguments in the case be scheduled for February 19 instead of February 22.

Apple was sued on February 7 by Greenlight Capital, claiming that it needed to distribute preferred stock to current shareholders and that Apple did not like the idea when it was discussed. Einhorn argued that Apple would hold a large amount of cash even though it would be sharing the value of the balance sheet if high-yield preferred shares are issued.

The most recent proxy statement from Apple has items up for vote during its February 27 shareholder meeting. The statement includes a proposal that eliminates ‘blank check’ preferred stock. The lawsuit filed by Einhorn asked for an injunction to keep Apple from bundling the provision with other items. He wants all of the items to be voted on separately.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




 

Most Popular

Legal Career Resources

September 21, 2016 30 Factors That Make You More Employable With Big Law Firms

Summary: There are many factors that major law firms consider when making a lateral hire, many of which are things you can control. Read 30 Ways to Tell How Employable You Are by a Major Law Firm as an Attorney […]

read more

SEARCH IN ARCHIVE

To Top