According to the Toronto Star, Apple was hit with another shareholder lawsuit today, a case that is similar to the court challenge that star hedge fund manager David Einhorn brought as part of his push to unlock the company's cash hoard. The new lawsuit, filed by an investor from Pennsylvania in U.S. District Court in New York, seeks to block Apple from moving forward with a Feb. 27 shareholder vote on two proxy proposals.
One of the proposals is the same measure Einhorn targeted that would eliminate from the company charter Apple's ability to issue preferred stock. The other, which was not part of Einhorn's case, involves an advisory "say-on-pay" vote for shareholders to weigh in on Apple's executive compensation. The lawsuit accuses the iPhone maker of failing to disclose details of how it determined top executives' pay.
The plaintiff is Brian Gralnick of Elkins Park, Pennsylvania. He has been an Apple shareholder since 2007, the lawsuit said. It does not list the size of his stake.