SAN FRANCISCO, Jan. 04, 2016 (GLOBE NEWSWIRE) -- 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 new 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 announced settlement of the Dole Food Co. Stockholder Litigation which appears to provide compensation only for investors who held the stock on November 1, 2013 and surrendered their stock pursuant to the merger agreement to take Dole private. This new case seeks to represent those who sold their shares before November 1, 2013.
If you sold your sales of Dole between January 2, 2013 and October 31, 2013 , contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation and handling of this matter, 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 in their efforts to take the company private in 2013. On August 12, 2013, the Board announced that Dole and Murdock 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.
A lawsuit followed and went to trial. On August 27, 2015 the Delaware Court of Chancery found that Dole CEO David Murdock and C. Michael Carter, Dole’s COO and General Counsel, fraudulently drove down Dole’s share price so that Murdock could buy the Company at price far below its actual value. On December 7, 2015, Murdock and Dole reached an agreement to pay holders of Dole stock, at the time of the merger, $ 113.5 million
“We seek to represent and recover on behalf of all investors who sold their shares between January 2, 2013 and October 31, 2013, and were damaged,” said Hagens Berman partner Reed Kathrein. “Unlike the settled action, this suit does not ignore the sellers’ claims.”
About Hagens Berman Hagens Berman is headquartered in Seattle, Washington with offices in 10 cities. More about the Firm and its successes can be found at www.hbsslaw.com . For the latest news visit http://www.hbsslaw.com/cases/pressreleases or follow us on Twitter at @classactionlaw .
Contact: Reed Kathrein, 510-725-3000
