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| Apple sued by David Einhorn over cash pile | Apple sued by David Einhorn over cash pile |
| (about 2 hours later) | |
| An activist shareholder is suing computer giant Apple, demanding that it share out more of its $137bn (£87bn) cash pile to its investors. | An activist shareholder is suing computer giant Apple, demanding that it share out more of its $137bn (£87bn) cash pile to its investors. |
| Apple's cash pile has grown to that size from $98bn last March. | Apple's cash pile has grown to that size from $98bn last March. |
| US hedge fund manager, David Einhorn, who is behind the unusual move, told the television channel CNBC that Apple had a "Depression-era" mentality, which gave it a tendency to hoard cash and play safe. | US hedge fund manager, David Einhorn, who is behind the unusual move, told the television channel CNBC that Apple had a "Depression-era" mentality, which gave it a tendency to hoard cash and play safe. |
| Apple called the move "misguided". | Apple called the move "misguided". |
| The complaint was filed at a court in New York. | The complaint was filed at a court in New York. |
| Apple has a number of fights on its hands already. Although it is strong in both smartphones and tablet computers, competition is hotting up and its share price is falling. | |
| The firm's shares are now 35% below the record high they reached in September 2012. | The firm's shares are now 35% below the record high they reached in September 2012. |
| Mr Einhorn, who owns Green Light Capital, told CNBC: "It has sort of a mentality of a depression. In other words, people who have gone through traumas... and Apple has gone through a couple of traumas in its history, they sometimes feel like they can never have enough cash." | Mr Einhorn, who owns Green Light Capital, told CNBC: "It has sort of a mentality of a depression. In other words, people who have gone through traumas... and Apple has gone through a couple of traumas in its history, they sometimes feel like they can never have enough cash." |
| History | History |
| He has also been speaking to the Reuters news agency, which he told he had had meetings with Apple's senior management on the subject of sharing out the cash pile. | He has also been speaking to the Reuters news agency, which he told he had had meetings with Apple's senior management on the subject of sharing out the cash pile. |
| Mr Einhorn said he had recently contacted Apple's chief executive, Tim Cook after failing to interest the company's chief financial officer, Peter Oppenheimer, in the matter. | Mr Einhorn said he had recently contacted Apple's chief executive, Tim Cook after failing to interest the company's chief financial officer, Peter Oppenheimer, in the matter. |
| Mr Einhorn's proposals for releasing funds to shareholders involve "preferred" stock - which pays a fixed dividend over time. | Mr Einhorn's proposals for releasing funds to shareholders involve "preferred" stock - which pays a fixed dividend over time. |
| Apple is planning to eliminate these at its shareholder meeting later this month. | Apple is planning to eliminate these at its shareholder meeting later this month. |
| Preferred shares rank higher than ordinary shares when it comes to paying out a company's assets. | Preferred shares rank higher than ordinary shares when it comes to paying out a company's assets. |
| Mr Einhorn has a history of activism. | Mr Einhorn has a history of activism. |
| In 2011, he urged Microsoft Corp to get rid of its chief executive Steve Ballmer, accusing him of being "stuck in the past". | In 2011, he urged Microsoft Corp to get rid of its chief executive Steve Ballmer, accusing him of being "stuck in the past". |