Apple Responds To Greenlight Court Filing

Lawyers for Apple argued the company's proposal "gives common shareholders greater power -- the right to approve issuance of preferred shares."

Apple filed a response to Greenlight Capital Inc.'s request for an injunction against a measure that would stop the company from restricting its ability to issue preferred stock.

In the filing in US District Court in New York, lawyers for Apple argued the company's proposal "gives common shareholders greater power -- the right to approve issuance of preferred shares."

The filing came on the day after Apple CEO Tim Cook called the lawsuit a “silly sideshow,” a “distraction” and a “waste of shareholder money.”

The public fight started earlier this month after Greenlight founder David Einhorn accused Apple of hoarding its $137 billion cash pile instead of returning it to investors, like himself.

[Photo by Flickr user Doug8888]

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