SOURCE: Hagens Berman Sobol Shapiro LLP

Hagens Berman Sobol Shapiro LLP

January 28, 2016 08:30 ET

Hagens Berman Reminds Dole Food Company, Inc. Investors of the Upcoming February 8, 2016 Lead Plaintiff Deadline in Securities Class Action

SAN FRANCISCO, CA--(Marketwired - January 28, 2016) - Hagens Berman Sobol Shapiro LLP, an investor-rights law firm, reminds investors of the February 8, 2016 lead plaintiff deadline in the securities fraud class-action lawsuit filed against Dole Food Company, Inc. on behalf of sellers related to the Company's 2013 go-private deal.

This action seeks to represent investors in Dole who sold their shares between January 2, 2013 and October 31, 2013-a period during which the stock price was found by one court to be intentionally deflated by false statements made by Dole and its management.

IMPORTANT: This case is distinct from the December 15, 2015 Dole Food Co. Stockholder Litigation settlement which provides payment only to those who surrendered Dole common stock pursuant to the merger on November 1, 2011.

If you sold your DOLE shares between January 2, 2013 and October 31, 2013, contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000, emailing DOLE@hbsslaw.com or visiting https://www.hbsslaw.com/cases/DOLE. The lawsuit was filed in the U.S. District Court for the District of Delaware and investors have until February 8, 2016 to move the court to act as lead plaintiff.

Both cases stem from actions by Dole and its executives to take the company private in 2013. On August 12, 2013, the Board announced that Dole and its CEO David Murdock signed a merger agreement by which Murdock would acquire all outstanding shares of Dole common stock not currently beneficially held by him for $13.50 per share.

A lawsuit followed and went to trial. The Delaware Court of Chancery found that Murdock and Dole's COO and General Counsel, fraudulently drove down Dole's share price so that Murdock could buy Dole at price far below its actual value. On December 7, 2015, Murdock and Dole reached an agreement to pay holders of Dole stock $ 113.5 million.

"We believe that Dole's deal with its CEO greatly damaged shareholders, who were blindsided, and this suit seeks to make them whole," said Hagens Berman partner Reed Kathrein.

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Contact Information

  • Contact:
    Reed Kathrein
    510-725-3000