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Hedge Fund Files Suit to Save Apple Preferred Stock

Image representing Apple as depicted in CrunchBase

Hedge fund star and Apple Inc. investor David Einhorn is seeking an injunction to prevent the iPhone maker’s shareholders from voting on a proposal that he contends will eliminate the company’s ability to issue preferred stock.

Einhorn considers preferred stock preferable to dividends or share buybacks, according to a recent Reuters article.

His lawsuit relies on a rarely-used U.S. securities rule that prohibits companies from "bundling" together unrelated matters into a single proposal for a shareholder vote.

Read the full article from Reuters here.

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