Dole Food Gets Nod For $148M Merger Suit Settlement
Law360, Wilmington (February 10, 2016, 11:38 PM EST) -- Delaware’s Chancery Court on Wednesday approved the core of a $148.2 million award to Dole Food Co. stockholders, settling a suit that accused top company officers of fraudulently pushing down the company’s price before selling it into private ownership for $1.6 billion in late 2013.
The settlement and agreements to forgo appeals end state court challenges to an alleged scheme by Dole CEO David Murdock and another officer to keep investors in the dark about the company's real value while carrying out a strategy that fraudulently drove down its sale price.
The settlement terms, announced in early December, matched Vice Chancellor Laster’s...
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