December 10, 2015 (Shareholders Foundation) - An investor, who SOLD shares of Dole Food Company Inc (NYSE:DOLE), filed a lawsuit in the U.S. District Court for the District of Delaware over alleged violations of Federal Securities Laws by Dole Food Company Inc in connection with certain allegedly false and misleading statements made between January 2, 2013 and October 31, 2013.
According to the complaint the plaintiff alleges on behalf of SELLERs of Dole Food Company Inc (NYSE:DOLE) common shares between January 2, 2013 and October 31, 2013, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 2, 2013 and October 31, 2013 defendants Dole Food Company and its senior executive officers conducted a fraudulent scheme to acquire the publicly held shares of Dole Food Company and convert the Company to a privately-held enterprise owned by David H. Murdock ( Murdock ), Dole's Chairman of the Board and CEO.

The plaintiff claims to implement their scheme, Dole Food Company and its executive officers made a series of allegedly 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.

The plaintiff alleges that after Defendants' misstatements had artificially deflated the price of Dole Food Company Inc's common stock, on June 10, 2013, David H. Murdock delivered his initial proposal to take Dole Food Company private at a price of $12.00 per share.

On August 12, 2013, the Board announced that Dole Food Company and David H. Murdock had entered into and signed a merger agreement by which David H. Murdock would acquire all of the outstanding shares of Dole Food Company Inc (NYSE:DOLE) common stock not currently beneficially held by him for $13.50 per share. The merger closed on November 1, 2013.