Dole CEO Tanked Share Price Before $1.6B Buyout Bid: Suit

Law360, Wilmington (August 15, 2013, 3:37 PM EDT) -- A Dole Food Co. Inc. shareholder launched a putative class action Wednesday challenging CEO David Murdock's $1.6 billion go-private proposal, alleging Murdock and the board orchestrated a series of moves to sink the company's share price before making the offer.

State-Boston Retirement System filed its lawsuit in the Delaware Chancery Court claiming that analysts have contended that Dole's share price should be worth about $15, but pessimistic press releases, a suspended $200 million share repurchase program and an earlier go-private bid at an even lower price...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.