A federal court judge granted a request by hedge fund Greenlight Capital to block Apple from including a measure on its shareholder ballot that would limit the iPhone maker’s ability to issue preferred stock. Green light Capital’s David Einhorn made a complaint saying that Apple was hurting shareholder value by holding too much of its $137 billion cash hoard.
U.S. District Judge Richard Sullivan granted the preliminary injunction stopping the vote on that proposal, set for Februay 27 at the company’s annual stockholders’ meeting. He ordered the two sides to submit briefs outlining the next steps in the case.
Source: ABCnews.com
