Apple’s cash hoarding has always annoyed some of its investors, but Thursday one of them decided to bet on a unique solution. David Einhorn, a hedge fund operator with a history of staunch support for Apple, filed a lawsuit against the company in an attempt to block its board from giving away its power to issue preferred stock. Issuing preferred stock is key to a plan Einhorn wants Apple to adopt that will dip into the company’s $137 billion in cash reserves and steer the money to investors.
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Hedge Fund Magnate Takes Apple to Court
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