0 Apple Sued By Greenlight To Unlock Cash Pile

An investor influential Apple filed a lawsuit against the company in an attempt to open up some stacks of dollars in cash 137bn (£ 87bn) it.David Einhorn, head of hedge fund Greenlight Capital, investor asks for the hand of Apple's cash, making it almost a third of its market value.The report comes before the annual meeting of the society, in which the board of Apple may be questioned of its stock prices drop.Although still the most valuable company in the world, Apple faces increasing competition in the market of smartphones and tablet rivals such as Samsung.Growth slowed so quickly and its shares have fallen about 35% of its value since a record high in September.Mr. Einhorn, who filed the case in U.S. District Court in Manhattan, opposed a move by Apple that will make it more difficult to issue preference shares.Currently, the board is able to issue preferred shares, but wants shareholders to vote on a proposal that requires shareholder approval first.David Einhorn, president of Greenlight Capital, speaks at the 6th Annual New York Value Investing Congress in New York City, David Einhorn had asked Microsoft CEO to resignThe hedge fund manager, who has a history of publicly criticizing the company, urging investors colleagues to reject the plan."Apple has a $ 145 per unit of liquidity in the financial statements. Shareholder of Quality, it's your money," Einhorn said in a letter to the company.In response, Apple said that the proposal was wrong cause."Contrary to the Greenlight statement, the adoption of the proposal # 2 would not prevent the issuance of preferred shares," he said in a statement.The company insists on the management team and the board was in "active discussions" about returning cash to shareholders.Apple has begun to be conservative in cash as a result of a near collapse in 1990, before co-founder Steve Jobs returned to the company.It is never explained why keep the money not to say that preserve choice.But analysts expect to come under pressure from shareholders at its annual meeting on February 27 to start releasing some more 'of his money.

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