einhorn

Apple yanks proxy proposal after judge backs Einhorn

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

Court backs Einhorn bid to stop Apple proxy vote

Safe to assume that hedge fund manager David Einhorn is not going to wind up invited to Apple's next beer bash. Earlier this month, Apple CEO Tim Cook described the lawsuit filed by Einhorn's Greenlight hedge fund as a waste of time and money. Einhorn since took his case directly to shareholders with a public elaboration of his reason why Apple ought to part with some of its $137 billion in cash in the form of issuing preferred stock to investors.

Now U.S. District Judge Richard Sullivan has granted his bid to block next week's shareholder … Read more

Apple claims Einhorn lawsuit tries to hold investors 'hostage'

Apple accused an activist hedge fund manager of attempting to hold investors "hostage" in his effort to get the electronics giant to share more of its massive cash reserves with investors.

The charge came today in Apple's response to a lawsuit filed last week by Greenlight Capital, which asserts that the company needed to distribute preferred stock to current shareholders and that Apple had balked at the idea when it was first discussed. The filing comes a day after Apple CEO Tim Cook called the lawsuit a "silly sideshow."

"Shareholders should not be held … Read more

Apple hit with another investor lawsuit

Looks like there's a second act for Apple's "silly sideshow."

Another Apple shareholder is suing Apple, Reuters reported today. This time, it's over Apple's executive compensation policy, in addition to the company's intent to eliminate preferred stock for investors.

Pennsylvania resident Brian Gralnick has filed suit against Apple in an attempt to stop Apple from holding a shareholder vote on the two matters. The vote is scheduled for February 27. Gralnick has been a shareholder since 2007, but it's unclear how much of a stake in Apple he owns.

We've contacted … Read more

Apple's Cook calls Einhorn suit 'a silly sideshow'

The recent lawsuit filed by David Einhorn's Greenlight Capital hedge fund is a "silly sideshow" and a waste of time and money, Apple CEO Tim Cook said today.

Cook, speaking during a Goldman Sachs conference in San Francisco, disputed Einhorn's claims that Apple has a Depression-era mindset and said the company makes "bold and ambitious" bets on products while being conservative financially. He noted that Apple invested about $10 billion in capital expenditures last year and that it will spend a similar amount this year along with investing in retail stores, distribution, R&… Read more

Judge accelerates hedge fund's lawsuit against Apple

A federal judge has approved Apple's request to fast-track a lawsuit filed last week by hedge fund manager David Einhorn's Greenlight Capital in an effort to get the electronics giant to share more of its massive cash reserves with investors.

U.S. District Judge Richard J. Sullivan for the Southern District of New York granted Apple's request, moving forward the schedule for a hearing on a preliminary injunction sought by Greenlight Capital. Apple had argued that the proposed meeting would have an effect on its shareholder meeting later this month.

The modification request suggested that document filing … Read more

Einhorn's hedge fund sues Apple: Show me the money

"Show me the money" might have been the most famous line from the old Tom Cruise movie "Jerry Maguire," but that's exactly what a big Apple shareholder wants.

Greenlight Capital, a hedge fund run by David Einhorn, today filed a lawsuit and issued a letter to Apple shareholders (PDF), urging them to support his push to get Apple to share more of its cash with investors.

"Apple is a phenomenal company ... but Apple has a problem," Einhorn said during an interview on CNBC. "It has sort of a mentality of a depression. … Read more

Ballmer-bashing fund manager ups Microsoft stake

David Einhorn, the hedge-fund manager who called for Steve Ballmer's head three months ago, just increased his stake in Microsoft.

Einhorn's Greenlight Capital reported holding 14.8 million shares of Microsoft as of June 30, according to a regulatory filing dated yesterday. That's up from 9.1 million shares Greenlight held at the end of the previous reporting period, March 31. The Wall Street Journal first reported Greenlight's increased stake.

In May, Einhorn suggested that Ballmer step aside as chief executive of Microsoft, in part, for allowing competitors to jump ahead of the software giant in … Read more

Yahoo shares dip as Einhorn sells off stake

It all started off so well.

But it didn't go on for long in the case of David Einhorn's high-profile hedge fund, Greenlight Capital, which today dumped an investment it made earlier this year in Yahoo on high hopes of the value of the Internet giant's stake in China's Alibaba Group.

That was before the ugly public fight Yahoo got into with Alibaba over its Alipay payment unit and especially with its voluble CEO, Jack Ma.

In a letter to investors, Einhorn (pictured right) said the kerfuffle, which has hit Yahoo's stock hard, "wasn'… Read more