Judge OKs Apple’s Request To Speed Up Greenlight Capital Suit
According to Reuters, U.S. District Judge Richard Sullivan has approved Apple’s request to speed up its case with Greenlight, a shareholder that is suing them. The judge will be speeding up the suit’s schedule because Apple stated that the previous meeting date would interfere with the company’s shareholder meeting. CNET has reported that the arguments have been moved up to February 19th from its previous date of February 22nd. The publication has also stated that the filing date has been moved up by “two or three days”.
Apple is being sued by Greenlight Capital’s David Einhorn. He believes that Apple should be dividing its $137 billion cash pile to its investors in the form of perpetual preferred shares, which come with a hefty 4% yield. He reportedly said that Apple turned down the idea when he brought it up in the past.
Tim Cook and Co. will be chatting with investors about how to split up some of its cash during the company’s shareholder meeting, which is taking place on the 27th of this month. The shareholders will be voting on Apple’s “Proposal 2″, which would take away the board’s ability to issue preferred stock. Apple has been ordered by the judge to respond to Greenlight Capital by Wednesday.
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