David Einhorn of Greenlight Capital has a large stake in Apple. The last I checked, his average price was somewhere in low $400s. After seeing his paper gain from the high of over $700 evaporated in the last 4 months or so (I'm 100% sure he's superbly hedged anyway), he resorts to a more direct approach to extract more money from Apple.
From Market Watch via Yahoo Finance (2/7/2013):
SAN FRANCISCO (MarketWatch) -- Apple Inc. said late Thursday afternoon that it will "thoroughly evaluate" a proposal by Greenlight Capital to issue preferred stock, but that it was sticking by its plan to eliminate its ability to grant such measures without shareholder approval. Greenlight's David Einhorn earlier in the day filed a lawsuit against the company and papers with the Securities and Exchange Commission in an effort to oppose a measure on the company's proxy statement that would end Apple's ability to issue so-called "blank check" preferred stock. "If Proposal #2 is adopted, our shareholders would have the right to approve the issuance of preferred stock. As such, Proposal #2 has the support of many of our shareholders," the statement read. Apple shares were up 2.4% to $465.85 in late trading Thursday.
"Without shareholder approval"?? Apple (symbol: AAPL) is not called "hedge fund hotel" for nothing. Look what happened to Apple's share price when the above comment was released; "shareholders" are already approving the deal.