Greenlight calls off ‘silly sideshow’ lawsuit against Apple over preferred stock

Image via Bloomberg

Image via <a href="http://www.bloomberg.com/news/2013-02-22/apple-shareholder-vote-blocked-at-greenlight-s-request-1-.html"><em>Bloomberg</em></a>

David Einhorn’s Greenlight Capital has dropped its lawsuit against Apple, as noted by AllThingsD. Greenlight’s lawsuit against Apple called for a block of Apple’s shareholders’ ability to vote on a preferred stock proposal.

A judge recently blocked Apple from allowing its shareholders to vote on the preferred stock proposal.

Apple CEO Tim Cook previously called the situation a “silly sideshow:”

So, it doesn’t mean Apple won’t release preferred share. It means we need to go to common shareholders to get their approval,” he explained. “Frankily, I found it bizarre that we are being sued on that is something good for shareholders, but this is the position we’re in. It’s a silly side show.

 

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