Einhorn Drops Proxy Statement Suit After Apple Caves

Law360, New York (March 1, 2013, 1:26 PM EST) -- Billionaire hedge fund owner David Einhorn withdrew a lawsuit Friday in New York federal court over an Apple Inc. proxy statement after the technology giant effectively conceded defeat and withdrew a contentious shareholder vote proposal.

Apple has abandoned plans to try to force a single yes-no vote to a set of amendments to its articles of incorporation, and Einhorn's Greenlight Capital Inc. has dropped its lawsuit over the issue, U.S. District Judge Richard Sullivan said in a written order.

"Defendant has withdrawn the proposal at issue...
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