London: A lawsuit by the hedge fund manager David Einhorn’s Greenlight Capital challenging an Apple proposal governing stockholder rights has been dropped.
Einhorn had wanted the iPhone and iPad maker to create a new class of special preferred shares.
Apple originally said it would only do this if all shareholders were given a vote on the plan, but has since dropped this idea.
According to the BBC, Apple has now withdrawn the proposals for a shareholder vote on the preference share matter, making the legal battle unnecessary.
Apple is sitting on a 137 billion dollars cash pile that some shareholders would like to see put to work, the report said.
The sum is the equivalent of Hungary's annual gross domestic product, it added.
Einhorn's Greenlight said in a statement that ‘Apple removed the bundled proposal from the shareholder meeting, therefore resolving the issue.’
First Published: Saturday, March 02, 2013, 19:15