Apple drops shares plan after ruling

PanARMENIAN.Net - Apple has dropped a planned vote of shareholders after a U.S. judge blocked the move in an ongoing spat over what to do with the tech giant's huge cash pile, BBC News reported.

The judge backed a lawsuit by activist shareholder David Einhorn, who wants Apple to return more cash to shareholders.

Apple boss Tim Cook had called the lawsuit a "silly sideshow" but has complied with the judge's ruling.

The firm has $137bn (£90bn) in cash.

This is despite having already repaid $10bn via dividends and share buybacks.

Following the preliminary ruling by U.S. District Judge Richard Sullivan in New York, Apple has dropped plans to ask shareholders to vote on whether to abolish a contractual right that the company currently enjoys to issue such preference shares without limit.