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Einhorn wins ruling against Apple in cash pile fight

Published on Feb 23, 2013 6:08 AM
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The Apple logo is seen on Sep 11, 2012 photo at the Yerba Buena Center for Arts in San Francisco. A judge handed outspoken hedge fund manager David Einhorn a victory in his court battle with Apple Inc on Friday, blocking the iPhone maker from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock. -- FILE PHOTO: AFP

NEW YORK (Reuters) - A judge handed outspoken hedge fund manager David Einhorn a victory in his court battle with Apple Inc on Friday, blocking the iPhone maker from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.

United States (US) District Judge Richard Sullivan in Manhattan granted a motion by Mr Einhorn's Greenlight Capital for a preliminary injunction stopping the vote on that proposal.

The vote was scheduled for Feb 27 as part of the company's annual stockholders' meeting.

Greenlight sued Apple on Feb 7 as part of a broader pitch to unlock more of Apple's US$37 billion (S$46 billion) in cash for shareholders.

 
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