|Feb 22, 2013, 02:54 PM||#1|
Judge Blocks Vote on Proposal 2 at Next Week's Apple Shareholder Meeting
A judge has decided to block a vote on Question 2 at Apple's annual shareholder's meeting next week, according to a report from Reuters.
Hedge fund Greenlight Capital, a major shareholder of Apple stock, filed a lawsuit earlier this month asking that Apple be prevented from bundling a number of proposals into one ballot question at the shareholders meeting. The firm argued that the bundling of three separate corporate governance proposals into one question was in violation of SEC rules.
Apple CEO Tim Cook called the lawsuit a "silly sideshow" and "a waste of money for all involved", but the judge presiding over the case disagreed. Apple issued a statement in early January saying it was in "active discussions" about ways to return cash to shareholders as Greenlight head David Einhorn has requested.
Update: AllThingsD has the text of the judge's ruling.
Update 2: Apple has withdrawn Proposal No. 2 from its proxy statement, issuing this statement:
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