Printed from http://www.electronista.com

Apple, Greenlight move to speed up lawsuit timing

updated 09:28 am EST, Tue February 12, 2013

Formal Apple response due by end of Wednesday

Judge Richard Sullivan of the US Court for the Southern District of New York has approved a request by both Apple and Greenlight Capital to speed up lawsuit proceedings, says the Wall Street Journal. Apple is hoping to file a formal response by the end of Wednesday, and Greenlight will reply by Friday. The two parties are hoping for a hearing early next week.

The case is urgent since it revolves around a vote to take place at Apple's February 27th shareholders' meeting. Greenlight is hoping to block a vote on Proposal #2, which it believes would block a preferred stock plan it wants; the lawsuit is technically based on the position that bundling three items in one proxy proposal breaks Securities and Exchange Commission rules. Apple, though, has argued that nothing is stopping a preferred stock plan. If the proposal passes, any preferred stock issuance would require shareholder vote. At the moment, Apple executives could simply push one through.

The company's lawfirm in the case is O'Melveny & Myers. The group is pushing for a Tuesday hearing based on a busy schedule for partner George Riley, who was worked with Apple for a long time and is said to have been a close friend of Steve Jobs.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Advertisement

Recent Reviews

Brother HL-L8250CDN Color Laser Printer

When it comes to selecting a printer, it's not exactly something most people put a lot of thought into. Printers are often touted as f ...

Moshi iVisor AG and XT for iPad Air 2

Have you ever tried to put in a screen protector that relies on static to cling to the screen? How many bubbles and wrinkles does it h ...

Epson PowerLite Home Cinema 3500 projector

Trying to find the perfect projector for a home theater can be tricky, as there are bountiful options on the market from a large numbe ...

Advertisement

toggle

Most Commented

 
toggle

Popular News