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February 8, 2013

Investor sues Apple to stop hoarding cash

  • Wall Street didn't complain much about Apple's hoarding policies until its revenue growth started slowing.
  • By BARBARA ORTUTAY
    AP Technology Writers

    NEW YORK — With its annual meeting looming and its stock on the decline, Apple is facing a rebellion from an influential investor who wants the company to stop stockpiling cash and give it to shareholders instead.

    Greenlight Capital said Thursday that it is suing Apple in a New York federal court over the company's proposal to make it more difficult for it to issue preferred stock. David Einhorn, who heads the investment fund, said the proposal would close down one avenue for Apple to reward shareholders with more cash.


     
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