NEW YORK (AP) — Greenlight Capital is suing Apple in federal court in New York over attempts to eliminate preferred stock at the world's most valuable company.
David Einhorn, who heads Greenlight, said Thursday that the proposal would restrict the ability of Apple's board to unlock shareholder value. Some investors have been pushing Apple to do more with its enormous pile of cash — $137 billion and growing.
The company started paying a dividend last year, but at $2.65 per share, it doesn't measure up to other companies with similar cash reserves. Apple has also started to repurchase some of its shares, but Greenlight and others say it should be pushing its cash in another direction.
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