SOURCE: Bernstein Litowitz Berger & Grossmann LLP

December 10, 2015 11:07 ET

Bernstein Litowitz Berger & Grossmann LLP Announces Securities Class Action Suit Filed Against Dole Food Company and Certain of Its Executive Officers

NEW YORK, NY--(Marketwired - Dec 10, 2015) -  Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") today announced that it has filed a securities class action lawsuit on behalf of San Antonio Fire & Police Health Care Fund ("San Antonio F&P Health") and San Antonio Fire & Police Pension Fund ("San Antonio F&P"), against Dole Food Company ("Dole" or "the Company") and certain of the Company's executive officers. The action, which was filed in the United States District Court for the District of Delaware, asserts claims under the Securities Exchange Act of 1934 on behalf of sellers of Dole securities during the period of January 2, 2013 to October 31, 2013, inclusive (the "Class Period"). 

The Complaint alleges that during the Class Period defendants Dole and its senior executive officers conducted a fraudulent scheme to acquire the publicly held shares of Dole and convert the Company to a privately-held enterprise owned by David H. Murdock ("Murdock"), Dole's Chairman of the Board and CEO. To implement their scheme, Dole and its executive officers made a series of materially false and misleading negative statements about the Company's operations and finances, and omitted to disclose material information, with the intention of deceiving the investing public and artificially lowering the price of Dole's stock so that Murdock could buy the Company at an artificially depressed price.

After Defendants' misstatements had artificially deflated the price of Dole's common stock, on June 10, 2013, Murdock delivered his initial proposal to take Dole private at a price of $12.00 per share. On August 12, 2013, the Board announced that Dole and Murdock had entered into and signed a definitive merger agreement by which Murdock would acquire all of the outstanding shares of Dole common stock not currently beneficially held by him for $13.50 per share. The merger closed on November 1, 2013, the day after the close of the Class Period.

If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than 60 days from today. Accordingly, the deadline for filing a motion for appointment as Lead Plaintiff is February 8, 2016. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

If you wish to discuss this Action or have any questions concerning this notice or your rights or interests, please contact Avi Josefson of BLB&G at 212-554-1493, or via e-mail at avi@blbglaw.com.

Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination, and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. More information about BLB&G can be found online at www.blbglaw.com.

Contact Information

  • CONTACT:
    Avi Josefson
    Bernstein Litowitz Berger & Grossmann LLP
    1251 Avenue of Americas
    New York, New York 10020
    Telephone: (212) 554-1493