Judge blocks shareholder vote on Apple proposal

Published February 23, 2013 12:42am ET



NEW YORK (AP) — A federal judge is blocking Apple from conducting a shareholder vote on a package of governance proposals, handing a victory to a rebel investor who is trying to persuade the company to share more of its cash with its investors.

U.S. District Judge Richard Sullivan in New York ruled Friday that Apple Inc. was wrong to bundle four amendments to its corporate charter into one proposal for a vote at next Wednesday’s annual meeting. Shareholders should get to vote on the amendments separately, he said. Although the ruling was preliminary, before both sides had a chance to fully make their case, Sullivan said Apple was likely to lose. He granted dissident investors a preliminary injunction against Apple pending a full trial.

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