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February 14, 2013

Apple sued by another investor, targets executive compensation

Apple has been sued by a Pennsylvania investor, Brian Gralnick, in order to stop the company from holding a shareholder vote on two proxy proposals.

By CBR Staff Writer

Brian Gralnick, who has been an Apple shareholder since 2007, filed the lawsuit in the US District Court in New York ahead of Apple’s annual meeting of shareholders scheduled to be held on the 27th of this month.

The lawsuit filed by Gralnick is similar to the lawsuit filed by American hedge fund manager, David Einhorn, demanding Apple to disburse more of its $137bn cash pile to shareholders.

The first proposal in Gralnick’s lawsuit is similar to Einhorn’s proposal which eliminates the company’s ability to issue preferred stock.

The second proposal of the suit, which is not part of Einhorn’s suit, involves an upcoming say-on-pay shareholder vote for Apple executives compensation.

Gralnick said in the lawsuit that Apple’s management has failed to disclose details about how the company will determine executive pay.

Following suit by David Einhorn, Apple has filed a response in New York District court saying that, "The proposed injunction would harm the public interest."

According to CNN the filing said, "Shareholders should not be held hostage to [Mr Einhorn’s] attempts to coerce Apple into an agreement that serves plaintiffs’ financial interests,"

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Recently, a US judge agreed to a request by Apple to speed up the lawsuit schedule filed by Einhorn.

Earlier this week, Apple CEO, Tim Cook, described the Greenlight lawsuit against the company as a "silly sideshow" and a waste of time.

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