Greenlight sues Apple over capital allocation

NEW YORK – Greenlight Capital is suing Apple in federal court in New York over attempts to eliminate preferred stock at the world’s most valuable company.

Some investors have been pushing Apple to do more with its enormous pile of cash – $137 billion and growing.

Apple has also started to repurchase some of its shares, but Greenlight and others say it should be pushing its cash in another direction.

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