Court grants Einhorn injunction against Apple

A judge handed outspoken hedge fund manager David Einhorn a victory in his court battle with Apple Inc on Friday, blocking the iPhone maker from moving forward with a shareholder vote on a controversial proposal to limit the company’s ability to issue preferred stock.

It’s going to be an interesting shareholder meeting.

  • tylernol

    Einhorn is Finkle, Finkle is Einhorn, Einhorn is a man!

  • JohnDoey

    One thing for sure, this is the single most boring chapter in Apple’s history. Even more boring than the post-fake-Steve-Jobs Dan Lyons.

  • Canucker

    So Apple is now referred to as “the iPhone maker” in the press? Makes me wonder if anyone (including Einhorn) understands what business Apple is in.

  • Relentlessfocus

    I read the judge’s decision. The whole thing is a media circus instigated by Einhorn to get publicity for his bigger fish, the way he wants Apple to return shareholder money to shareholders. Ironically proposition 2 was being pushed on Apple by a group of good governance shareholders who are trying to get Apple to be more transparent and responsible to the shareholders. The irony is painful.

    But having read the judge’s decision, I have to agree. Apple was plain arrogant in the way they bundled 4 propositions together contrary to long standing SEC rules on bundling. Apple’s rejoinder was Jobsian, Apple said that there was only 1 issue being voted on, ie, do shareholders agree or disagree to amending Apple’s bylaws.

    The bigger question, how much of Apple’s cash will be given back to shareholders and how that will be done will certainly be addressed by shareholders at the meeting but that would have happened anyway. There may be some emotion but I doubt the Board will have much more to say than what we already know, that Apple is actively looking into a ways to return more money and it welcomes Einhorn’s plan and plans from any other shareholders.