Apple will soon respond to the lawsuit filed against it last week by David Einhorn's Greenlight Capital.
According to the Wall Street Journal, Apple plans to file its response to Greenlight by tomorrow. Greenlight will then file its reply on Friday. Both sides would like for the hearing to be held early next week.
The Greenlight hedge fund filed a lawsuit against Apple last week saying that the company should distribute high-yield preferred stock to shareholders, allowing the company to both hold a large amount of its cash, but also give its shareholders more of the value of Apple's cash hoard.
Apple's cash reserves now total more than $137 billion. Apple has so far delivered $10 billion of its planned $45 billion to shareholders.
Apple has been making it clear it wants to handle the Greenlight case as much as possible. Just yesterday, Judge Richard Sullivan of the U.S. Court for the Southern District of New York granted Apple's request to fast-track the lawsuit.
That Apple is pushing ahead with the lawsuit isn't all that surprising. The company plans to hold its shareholders' meeting on February 27, and doesn't want the lawsuit to take center stage. Apple has also made clear that it's willing to work with Greenlight to come to an amicable solution.
"Apple's management team and board of directors have been in active discussions about returning additional cash to shareholders," the company said last week. "As part of our review, we will thoroughly evaluate Greenlight Capital's current proposal to issue some form of preferred stock. We welcome Greenlight's views and the views of all of our shareholders."
Apple's Greenlight suit response to come by tomorrow
This article
Apple's Greenlight suit response to come by tomorrow
can be opened in url
https://newssibilous.blogspot.com/2013/02/apple-greenlight-suit-response-to-come.html
Apple's Greenlight suit response to come by tomorrow
