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Alternative Market Briefing

Update: Greenlight Capital wins first court challenge over Apple vote

Monday, February 25, 2013

Bailey McCann, Opalesque New York: Bloomberg is reporting that hedge fund activist David Einhorn and his firm Greenlight Capital have won a court challenge blocking Apple from voting on a change to the company's corporate charter that would require shareholder approval before issuing preferred stock. As Opalesque reported yesterday, Greenlight held a call with investors and members of the media to gather support for blocking the provision ahead of Apple's annual shareholder meeting on February 27.

U.S. District Judge Richard Sullivan granted Greenlight an injunction on the vote on the grounds that the proxy is improperly bundled with two others and should be separated under SEC rules. Judge Sullivan said in his ruling that Greenlight showed effectively that it would be harmed by the vote as it is now and also said Einhorn's firm would likely prevail in its lawsuit which was filed earlier this month in the Southern District Court.

Shortly after the ruling, Greenlight emailed this statement - "This is a significant win for all Apple shareholders and for good corporate governance. We are pleased the Court has recognized that Apple’s proxy is not compliant with the SEC’s rules because it bundles different matters......................

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