Apple Sued By Einhorn In Bid To Unlock Shareholder Cash

Law360, New York (February 7, 2013, 12:30 PM EST) -- Hedge fund superstar David Einhorn on Thursday escalated a public confrontation with Apple Inc. by suing the technology giant in New York federal court, claiming it is refusing to share billions in cash with stockholders by issuing a new security.

Einhorn, suing through his hedge fund Greenlight Capital LP, claims Apple shot down his proposal in September to create a new kind of perpetual, preferred stock and issue it to existing shareholders. Doing so would give he and other shareholders a large dividend, the suit claims....
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