Another investor sues Apple, taking a page from Einhorn playbook
NEW YORK (REUTERS) - Apple Inc on Wednesday was hit by another shareholder lawsuit, a case that is similar to the court challenge that star hedge fund manager David Einhorn brought as part of his push to unlock the company's cash hoard.
The new lawsuit, filed by an investor from Pennsylvania in United States (US) District Court in New York, seeks to block Apple from moving forward with a Feb 27 shareholder vote on two proxy proposals.
One of the proposals is the same measure Mr Einhorn targeted that would eliminate from the company charter Apple's ability to issue preferred stock.
The other, which was not part of Mr Einhorn's case, involves an advisory "say-on-pay" vote for shareholders to weigh in on Apple's executive compensation.