As we previously reported, David Einhorn and Greenlight Capital are unhappy with how Apple bundled some shareholder proposals for its upcoming annual meeting. Specifically, it would remove some discretion from Apple’s directors before implementing Einhorn’s preferred method of returning cash to shareholders. [Ed.: Get it? Read the original if you want to understand the lame pun.]
According to DealB%k, a federal court has said that it believes Einhorn may be right on the issue of whether the presentation of shareholder proposals in Apple’s proxy statement violated federal securities laws. This is not a ruling on the merits, yet. It appears to have been a hearing for an injunction on the annual meeting. A ruling is expected soon.