Business

Apple in the fight

Apple Inc. said it will fight Greenlight Capital’s bid to bar the company from adopting a measure restricting its ability to issue preferred stock.

Apple filed its response in US District Court in New York to the request made by Greenlight in its lawsuit.

“The proposed injunction would harm the public interest,” and should be denied, Apple said in the filing.

Greenlight founder David Einhorn has said the tech company should issue high-yielding preferred stock to provide more value to shareholders from a $137 billion stockpile of cash.

Meanwhile, Apple announced that it has lowered the price of its 13-inch MacBook Pro laptops by $200 and updated its processors. It also launched new models with faster processors and more memory.

Apple shares closed at $467.01, down 0.2 percent.