News
Facing lawsuit, Apple responds to preferred stock proposal
Apple has taken the unusual step of issuing a press release in response to a lawsuit filed today by Greenlight Capital’s David Einhorn, who has pressured the company to create preferred stock that will distribute additional cash to shareholders. Indirectly addressing the lawsuit and a related open letter Einhorn published to fellow Apple investors, Apple began by citing the company’s existing plan to return $45 billion to shareholders over the next three years, while noting that “as of next week we will have executed $10 billion of that plan.”
Einhorn has claimed that adoption of an Apple proxy proposal would prevent the company from issuing preferred stock, but Apple disputes that, suggesting that the proposal would actually enable shareholders to approve issuance of preferred stock. “We remain committed to having an ongoing dialogue with our shareholders to get perspectives around return of capital and driving shareholder value,” Apple said, noting that the company has found itself “in the fortunate position of continuing to generate large amounts of cash, including $23 billion in cash flow from operations in the last quarter alone.”
Related Stories
- Apple filing reveals executive compensation plans, earnings
- Apple outlines limited HomeKit support for non-HomeKit accessories
- Report: Apple agrees to accept product inspections from Chinese government
- Apple acquires music analytics firm Semetric
- Apple terminates Crimean developer agreements due to U.S. sanctions
- Apple commemorates Martin Luther King Jr. Day
Comments
If you have a comment, news tip, advertising inquiry, or coverage request, a question about iPods/iPhones/iPad or accessories, or if you sell or market iPod/iPhone/iPad products or services, read iLounge's Comments + Questions policies before posting, and fully identify yourself if you do. We will delete comments containing advertising, astroturfing, trolling, personal attacks, offensive language, or other objectionable content, then ban and/or publicly identify violators.
Recent News
- Apple filing reveals executive compensation plans, earnings
- Report: Apple Watch battery life expected to be about 19 hours
- Apple outlines limited HomeKit support for non-HomeKit accessories
- Report: Apple agrees to accept product inspections from Chinese government
- IK Multimedia announces iRig Mic Studio
- NimbleBit announces Apple Watch support for Letterpad
- Apple acquires music analytics firm Semetric
- Apple terminates Crimean developer agreements due to U.S. sanctions
- Apple commemorates Martin Luther King Jr. Day
- iLounge Weekly coming Monday, sign up now
Recent Reviews
- Lenmar Maven Battery Case for iPhone 6
- STM Studio for iPad Air 2
- VSN Mobil V.360 Camera
- Booq Booqpad for iPad Air 2
- Incipio offGRID Express for iPhone 6
- Incipio Tuxen for iPad Air 2
- Incipio Trestle for iPhone 6 Plus
- Urban Armor Gear Folio Case for iPad Air 2
- ZeroChroma Folio-Slide for iPad Air 2
- Twelve South BookBook for iPhone 6 Plus
Recent Articles
- Can I cancel or ‘unsend’ sent iMessages?
- Ten Things You Didn’t Know About Apple’s HomeKit
- Reorganizing files in the iTunes Media Folder
- Exchange text messages between two iPhones with no cellular data plan
- The Booths of the iProducts Marketplace at CES 2015
- Hands-on with CarPlay at CES 2015
- iLounge announces its CES 2015 Best of Show Awards
- Five Things to Watch for at CES 2015
- Last-Minute Holiday Gift Guide for 2014
- Instant Expert: Secrets & Features of iTunes 12
