Greenlight Capital Drops Lawsuit Against Apple

AllThingsD reports David Einhorn’s Greenlight Capital has dropped its lawsuit against Apple. In early February, Einhorn was disappointed Apple was not going to issue dividend-paying preferred shares to investors. In response, he ended up suing Apple over its Proxy Proposal 2, citing it would “restrict the board’s ability to unlock the value on Apple’s balance sheet.”

Einhorn eventually obtained a court ruling to block Apple’s controversial shareholder vote to limit the ability to issue preferred stock, forcing Apple to remove its Proxy Proposal 2 from its shareholder meeting. This appears to have satisfied Greenlight Capital.

A spokesperson commented to AllThingsD regarding the dropping of the lawsuit:

“Apple removed the bundled proposal from the shareholder meeting therefore resolving the issue.”

Apple CEO Tim Cook called the Einhorn lawsuit a “silly sideshow” and it appears the drama has now subsided.

Founder and Editor-in-Chief of iPhoneinCanada.ca. Follow me on Twitter, and @iPhoneinCanada, and on Google+.