Washington: Apple chief executive Tim Cook has said that the recent lawsuit filed by investor David Einhorn''s Greenlight Capital hedge fund is a ‘silly sideshow’ and a waste of time and money.
The lawsuit from Greenlight Capital challenges an Apple proposal governing stockholder rights.
Investor David Einhorn, who runs the fund, issued a news release urging Apple to return more cash to its investors and stop a proposal that he said would “eliminate” preferred stock.
The company already responded to the lawsuit and release saying in a statement that it will “welcome” proposals, but that it disputed Greenlight’s claims.
According to the Washington Post, on Tuesday, Cook called the lawsuit a “silly sideshow,” a “distraction” and a “waste of shareholder money.”
The executive said that Greenlight had mischaracterized the board’s proposal.
Common shareholders, he said, would still have to approve any actions Apple took to issue preferred stock.
He did, however, said that Greenhorn’s proposal to distribute stock with a higher dividend yield was “creative” and worth exploring further, the Post said.