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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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Last modified on Sunday, 19 May 2013
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