Hedge fund manager David Einhorn sued Apple Inc. Thursday over a plan by the company to make it more difficult to issue preferred shares that pay a dividend�something Mr. Einhorn has urged the company do to return more of its cash pile to investors.
Mr. Einhorn, who runs Greenlight Capital Inc., has been lobbying Apple's board to exercise its authority to issue such shares, though so far it hasn't done so.
Apple's board already has the right to issue preferred stock, but it is asking shareholders at its annual meeting later this month to vote on a proposal that would require shareholder approval to issue the stock.
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