The Straits Times
www.straitstimes.com
Published on Feb 23, 2013
 

Einhorn wins ruling against Apple in cash pile fight

 
 

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.