Greenlight Capital drops Apple lawsuit

David Einhorn’s Greenlight Capital has withdrawn its lawsuit against Apple over a proxy proposal. The proposal, which aimed to change Apple’s ability to issue preferred stock, was withdrawn from a vote at Apple’s recent shareholder meeting after it was blocked by a court ruling. Despite the lawsuit’s success, Apple CEO Tim Cook referred to it as a “silly sideshow,” and the company suggested that it was based on a misunderstanding regarding Apple’s position on preferred stock. [via AllThingsD]

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