Major Apple (
AAPL) shareholder Greenlight Capital, headed by billionaire hedge-fund manager David Einhorn, recently sued the consumer electronics giant in an effort to limit the company’s ability to offer preferred stock. At the heart of its claims, Greenlight is arguing that combining three separate items into one proposition — one of which would change the way
Apple’s board issues preferred stock — is a violation of SEC rules against “bundling.” On Tuesday evening, the judge presiding over the case said that he is inclined to agree.
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