NEW YORK (AP) -- A Wall Street maverick who wants Apple (AAPL -0.57%) to share more of its wealth with investors took his case to other shareholders Thursday, urging them to send management a message by voting against a company proposal at the upcoming annual meeting.
David Einhorn, founder of hedge fund Greenlight Capital, laid out his case for "iPrefs," a class of dividend-bearing preferred stock he wants the company to issue as a way of committing to use its massive profits for the benefit of shareholders.
Apple hands only a small amount of its profits to shareholders. The rest of the money goes in the bank, where Apple's cash hoard amounted to $137 billion at the end of last year.
Einhorn introduced his plan two weeks ago. Apple responded, saying it would consider the proposal.
