David Einhorn drops his lawsuit against Apple
Greenlight Capital hedge fund manager David Einhorn has decided to end what Apple CEO Tim Cook has referred to as a "silly sideshow" by dropping the lawsuit he'd brought against 1 Infinite Loop in early February. Filed in conjunction with other Apple shareholders, the lawsuit sought to force Apple to share more of its cash with investors and kill a vote by shareholders involving preferred shares.
Einhorn and company had been awarded a victory by a federal judge last week who intervened and forced Apple to postpone the vote in question. Seemingly content with the fact that the vote had been blocked by the court, Einhorn and Greenlight have dropped the suit entirely, telling AllThingsD, "Apple removed the bundled proposal from the shareholder meeting, therefore resolving the issue." One legal matter for Apple down, countless others to go.
