David Einhorn has dropped his lawsuit against Apple in which he and his investment firm, Greenlight Capital, were seeking to force Apple to unbundle three proposed company charter changes, one of which he thought would have killed preferred stock.
FLASH: Einhorn drops suit against Apple over shareholder vote
— Bloomberg News (@BloombergNews) March 1
Tim Cook called the lawsuit “a silly sideshow,” but Apple did rush to calm investors shortly after the suit’s filling, and ultimately, Einhorn was successful, as the controversial proposals were eventually dropped from Apple’s shareholder meeting.
Einhorn had argued that bundling the proposals was against SEC rules, and a judge had agreed with him, ruling that Apple was not in compliance. The case was not yet fully completed, but given that the shareholders’ meeting is over and the proposed change was stricken, from Einhorn’s perspective the lawsuit is no longer necessary.
Einhorn and his PR representatives were not available to talk about the issue when VentureBeat contacted Greenlight.