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Alternative Market Briefing

Update: Einhorn's Greenlight Capital drops lawsuit against Apple

Monday, March 04, 2013

Bailey McCann, Opalesque New York: Activist hedge fund manager David Einhorn has voluntarily dropped his lawsuit against Apple. As Opalesque has reported, Einhorn filed suit against Apple over a proxy vote to be held at the company's annual shareholder meeting. In February, Einhorn won an injunction against Apple stopping the vote and leaving the ultimate goal of the suit in question. Today, Einhorn dropped the suit buy may still have the upper hand.

According to a Bloomberg report, Greenlight said in an email after dropping the suit that the injunction effectively resolved the issue. Even so, Apple still faces public questions about what it intends to do with all that cash. By dropping the suit, Einhorn may have more leverage to bring Tim Cook around to his ideas.

The Los Angeles Times notes that for the moment Apple shareholders remain unsettled and the votes for the original proxy measure during this week's shareholder meeting went uncounted due to the injunction. Tim Cook has said that should the company issue preferred stock between now and ne......................

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