Judge approves Apple request to expedite Einhorn’s Greenlight Capital case

“A judge approved Apple Inc’s request to speed up the schedule in a lawsuit filed by star hedge fund manager David Einhorn’s Greenlight Capital, part of an effort to get the company to share its huge cash reserves with investors,” Poornima Gupta reports for Reuters.

“U.S. District Judge Richard Sullivan of the Southern District of New York on Monday brought forward the legal schedule by a few days at Apple’s request, which argued that the issue would have a big impact on the upcoming shareholder meeting on February 27,” Gupta reports. “Apple told the judge that the request to modify the schedule had the support of Einhorn’s counsel.”

Gupta reports, “Einhorn, a well-known short-seller and Apple gadget fan, shocked Wall Street last week by suing Apple to stop the iPhone maker from eliminating from its charter the ability to issue preferred stock without shareholder approval. He wants Apple to return a bigger piece of its $137 billion cash pile to investors, through the issuance of perpetual preferred shares that pay dividends to existing shareholders.”

Read more in the full article here.

MacDailyNews Take: Sure, this one gets sped up, no prob. Apple v. Samsung? Let that one fester, so they can keep selling knockoffs of Apple’s innovations for as long as possible.

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5 Comments

  1. Why did they ask for it to be expedited? Why didn’t they ask for it to be just THROWN OUT? Three are so, so many legitimate legal arguments that support this just being thrown out it amazes me the judge is even considering it. And sometimes Apple’s lawyers just astound me that they can’t get simple things done!

    1. You may be right. But, perhaps, Apple wants to expose this lawsuit to public scrutiny and prevailing in court rather than risking the appearance of disregarding potentially legitimate shareholder concerns.

      If Apple has such a strong case, then expedite the process, win, and move on with a strong legal precedent.

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