David Einhorn Drops Case Against Apple

Move comes after the Greenlight Capital founder succeeded in getting a key vote off of the agenda for the shareholders meeting this week.

Greenlight Capital founder David Einhorn dropped his much-talked about lawsuit against Apple over the issuance of preferred stock on Friday, All Things D reported. The hedge fund founder/Apple investor brought the company to court after Apple executives tried to bring up a vote to make it impossible to issue preferred shares, while Einhorn argued that they were hoarding their cash reserves.

A judge ruled in favor of Einhorn last week and and Apple (whose CEO Tim Cook has called the lawsuit "a silly sideshow") removed the proposed vote from its agenda, rendering the suit mostly moot.

In a statement to All Things D, a spokesperson for Greenlight said "Apple removed the bundled proposal from the shareholder meeting, therefore resolving the issue."

[Photo by Flickr user srqpix]

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