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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of April 11, 2016 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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Lawsuit Overview
Settlement Overview
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March 16, 2017 - The court preliminarily approved the settlement.
March 9, 2017 - A stipulation of settlement was filed by the parties.
December 8, 2015 - Investors in Dole Food Company Inc and the fruit importer's chief executive agreed to settle litigation over the company's 2013 buyout, clearing the way for shareholders to begin receiving more than $400 million in payments in the coming months.
June 17, 2013 - An investor, who currently holds NYSE: DOLE shares, filed a lawsuit to stop the proposed takeover of Dole Food Company Inc by the Company’s Chairman of the Board and CEO for $12.00 per NYSE: DOLE share. The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: DOLE stockholders arising out of the attempt to sell Dole Food Company Inc too cheaply via an unfair process.
On June 11, 2013, Dole Food Company Inc announced that its Board of Directors has received an unsolicited proposal from David H. Murdock, the Company’s Chairman of the Board and CEO, to acquire all of the outstanding shares of common stock of Dole Food Company, Inc. not already owned by Mr. Murdock or his family for $12.00 per share in cash.
However, the plaintiff claims that the $12-offer is too low and unfair to NYSE: DOLE stockholders. Indeed, following the takeover proposal jumped to $12.65 per share on June 12, 2013 and that NYSE: DOLE shares traded as high as $14.35 per share in October 2012. The plaintiff says that the 90-year old Dole Food Company Inc Chairman and DEO is using his influence to muscle through an offer plagued by allegedly substantial conflicts of interest. The plaintiff says that the CEO used similar tactics to take the company private in 2002, but back then was forced to raise the buyout price from $29.50 to $33.50 by taking the CEO to court. The plaintiff claims that in 2002 the CEO took the company private saying it was the best course but it did not take long to bring to take the company public again with an IPO in August 2009 and now less than four years after the second IPO, the CEO has changed his story again and is telling shareholders that his lowball going-private $12 per share offer is in their best interest, while at the same time his best interests are obviously served by acquiring such shares at the lowest possible price since he is the buyer.
Furthermore, the plaintiff alleges that the CEO has opportunistically timed his offer to coincide with a recent drop in demand for certain fruits, and a corresponding decline in price of NYSE: DOLE shares. Indeed, Dole Food Company Inc reported that its Total Revenue fell from over $4.77 billion for the 52 weeks period that ended on Dec. 31, 2011 to over $4.24 billion for the 52 weeks period that ended on Dec. 29, 2012 and that its Net Income of $38.36 million for the 52 weeks period that ended on Dec. 31, 2011 declined to a Net Loss of $144.46 million.
On June 13, 2013, NYSE: DOLE shares closed at $12.72 per share.