Greenlight Takes Aim at Apple ... Again

NEW YORK ( TheStreet) -- Greenlight Capital is preparing another public attack on Apple ( AAPL).

The hedge fund will host a conference call and Webcast at 2 p.m. EST on Thursday to discuss Apple's capital allocation strategy, which follows hot on the heels of Greenlight Capital's decision to sue the iPhone maker.

David Einhorn, the Greenlight Capital president, wants his fellow shareholders to vote against Apple's proposal to do away with preferred stock, which he said restricts "the board's ability to unlock the value on Apple's balance sheet."

"Greenlight continues to ask shareholders to vote AGAINST Proposal 2 in Apple's proxy, which would eliminate preferred stock from Apple's charter and restrict the Board's flexibility on capital allocation decisions," wrote the hedge fund, in a statement released late on Tuesday. "On the call, Greenlight will provide additional details regarding the options available to Apple, including the merits of Greenlight's suggestion of distributing perpetual preferred stock to Apple shareholders for free."

Speaking at the Goldman Sachs Technology and Internet conference last week, Apple CEO Tim Cook described the lawsuit as "a silly sideshow" and a "distraction," but reiterated Apple's prior commitment to "thoroughly" evaluate and consider the Einhorn proposal.

Apple filed a proxy statement following Cook's comments about Einhorn's preferred stock proposal and subsequent lawsuit.

The Cupertino, Calif.-based company hasn't yet responded to TheStreet's request for comment on this article.

Apple shares dipped 0.75% to $445.48 in premarket trading.

--Written by James Rogers in New York.

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