Judge Grants David Einhorn Preliminary Injunction Against Apple
A judge has granted David Einhorn of Greenlight Capital a preliminary injunction against Apple stopping a vote a shareholder vote scheduled for February 27th, reports Reuters.
U.S. District Judge Richard Sullivan in Manhattan granted a motion by Einhorn's Greenlight Capital for a preliminary injunction stopping the vote on that proposal. The vote was scheduled for Feb. 27 as part of the company's annual stockholders' meeting.
Einhorn filed suit against Apple to prevent the company from bundling several proposals into one vote including a controversial one to limit the company's ability to issue preferred stock.
AllThingsD has the ruling:
“Having carefully reviewed the record before it, the Court finds that Greenlight and Gralnick face irreparable harm if they are compelled to vote on Proposal No. 2 in violation of SEC rules. By voting either against the slate of amendments and thus against two amendments they support, or for the amendments – including the offending “blank check” provision that they oppose – Greenlight and Gralnick will have been forced to vote on a package of items for which they did not have a single position, and denied the right to inform management of their views on specific items.”