Apple Inc is violating the law by packaging a measure to limit the offering of preferred shares with other matters up for a shareholder vote, Greenlight Capital Inc said in a court filing.
David Einhorn’s investment firm said in a brief filed on Friday in US federal court in Manhattan that Apple’s move would cause “an actual and imminent injury” to investors.
The Feb. 27 vote should be stopped unless Apple unbundles the measures and allows each to be considered separately, Greenlight said in the filing.
Shareholders “will have been irrevocably stripped of their right to fair corporate suffrage — the very right the unbundling rules were designed to vindicate,” Greenlight said in the filing, referring to US Securities and Exchange Commission (SEC) “unbundling” rules it alleges Apple is violating.
“These harms all can be prevented by an injunction before the vote, and none can be remedied after,” Greenlight said.
Apple said in a filing on Wednesday that it was not breaking SEC rules and that the preferred share measure was not as restrictive as Greenlight alleges.
Einhorn, whose firm says it holds more than 1.3 million Apple shares, has argued that the Cupertino, California-based company should issue high-yielding preferred shares to return value to investors from a US$137 billion cash hoard.
The hedge fund founder told Apple executives that their proposed preferred stock restriction could pose a “roadblock that was not needed” to his plan, according to filing on Wednesday by Apple chief financial officer Peter Oppenheimer.
Apple contends the measure that Greenlight opposes only eliminates so-called blank check preferred-stock provisions. Without those provisions, preferred shares could be issued as long as investors approve, Apple said.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last