Apple (NASDAQ:AAPL) requested a speedier legal time table for the lawsuit filed against it by hedge fund Greenlight Capital (NASDAQ:GLRE), and U.S. District Judge Richard Sullivan of the Southern District of New York approved that request on Monday. The tech giant successfully argued that the case would significantly impact its impending February 27 shareholder meeting.
Greenlight president David Einhorn says that Apple violated Securities and Exchange Commission rules by indiscriminately bundling shareholder-friendly and non-shareholder-friendly issues into a single proposal. More specifically, he objects to Apple’s proposed cessation of the board’s ability to issue preferred stock. Apple counters that such a movement ensures that shareholders approve future issuances.
Per the new schedule, Apple will file its response by the end of the day Wednesday, February 13, and Greenlight will issue its reply by Friday, February 15. Both parties hope for a hearing early next week.