In response to a court ruling today in favor of hedge fund manager David Einhorn, Apple has yanked a proxy proposal that would eliminate its ability to issue "blank check" preferred stock without investor approval.
Apple issued a statement concerning the ruling by U.S. District Judge Richard Sullivan, who granted Einhorn's bid to block next week's shareholder vote on the proposal:
"We are disappointed with the court's ruling. Proposal #2 is part of our efforts to further enhance corporate governance and serve our shareholders' best interests. Unfortunately, due to today's decision, shareholders … Read more