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.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
