Apple will soon respond to the lawsuit filed against it last week by David Einhorn's Greenlight Capital.
According to The Wall Street Journal, Apple plans to file its response to Greenlight by tomorrow. Greenlight will then file its reply on Friday. The first hearing could take place as early as next week.
The Greenlight hedge fund, saying that the company should distribute high-yield preferred stock to shareholders. According to Greenlight, this would allow Apple to hold a large amount of its cash while giving shareholders more of the value of Apple's cash hoard.
Apple's cash reserves now total more than $137 billion. Apple has so far delivered $10 billion of its planned $45 billion to shareholders.
Yesterday, Judge Richard Sullivan of the U.S. Court for the Southern District of New York.
That Apple is pushing ahead with the lawsuit isn't all that surprising. The company plans to hold a shareholders meeting on February 27 and doesn't want the lawsuit to take center stage. Apple has also made clear that it's willing to work with Greenlight to come to an amicable solution.
"Apple's management team and board of directors have been in active discussions about returning additional cash to shareholders," the company said last week. "As part of our review, we will thoroughly evaluate Greenlight Capital's current proposal to issue some form of preferred stock. We welcome Greenlight's views and the views of all of our shareholders."
reading•Apple's response to Greenlight Capital suit to come by tomorrow
Jul 21•Apple reveals 70 new emoji for iPhone X, and iCloud has a Big Brother in China
Jul 21•How to keep pests out of your home
Jul 21•Samsung Galaxy Watch: Rumored specs, price and release date
Jul 21•What a streamlined HomeKit means for Apple's smart home ambitions