David Einhorn's Greenlight Capital, a shareholder in Apple, filed a federal lawsuit against Cupertino today in response to a proposal set for a shareholder vote on February 27. According to Einhorn, Apple is hoarding large amounts of cash. Apple, as you might have guessed, disagrees with many of the statements made by Greenlight.

Greenlight issued a public statement this morning, urging other Apple shareholders to vote no against Proposal 2, which it alleges would eliminate preferred stock.

“We believe Apple must examine all of its options to unlock the growing value of its balance sheet for all shareholders,” said Einhorn, via the release.

Apple subsequently released a counterpoint press release this afternoon -- yet another instance of the company's perceived increase in diligence in regards to PR. While Apple claims to "welcome Greenlight's views," today's statement also contradicts Einhorn's claims.

"Contrary to Greenlight’s statements, adoption of Proposal #2 would not prevent the issuance of preferred stock" said Apple. "Currently, Apple’s articles of incorporation provide for the issuance of 'blank check' preferred stock by the Board of Directors without shareholder approval. If Proposal #2 is adopted, our shareholders would have the right to approve the issuance of preferred stock."

Last year, Apple announced a plan to distribute $45 billion of cash to shareholders over three years. The company claims to have already distributed $10 billion of that total. Einhorn filing suit, and Greenlight's statement, arrive as Apple is facing tumultuous times in stock prices. Still, Apple sounds fairly confident.

"We find ourselves in the fortunate position of continuing to generate large amounts of cash," said Apple.

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