Dole Food Company, Inc. Investor Alert: Investigation over potential Wrongdoing

May 1, 2012 - PRLog -- An investigation on behalf of investors in Dole Food Company, Inc.  shares over possible breaches of fiduciary duties by certain directors and officers at Dole Food Company, Inc. in connection with certain transactions was announced.

If you are a current stockholder in shares of Dole Food Company, Inc. , you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Dole Food Company, Inc.  concerning whether certain officers and directors of Dole Food Company, Inc. breached their fiduciary duties in connection with certain transactions.

Dole Food Company, Inc. reported that its Total Revenue rose from $6.77billion for a 52weeks period ending on January 2, 2010 to $7.22billion for a 52weeks period ending on December 31, 2011.

However, Dole Food Company’s Total Revenue declined from $7.619million for a 52weeks period ending on January 3, 2009 to $7.22billion for a 52weeks period ending on December 31, 2011 and its Net Income fell from $121million for the 52weeks period ending on January 3, 2009 to $38.36million for the 52weeks period ending on December 31, 2011.

Dole Food Company, Inc. disclosed that David H. Murdock, Dole Food’s Chairman of the Board, owns, inter alia, Castle & Cooke, Inc., a transportation equipment leasing company, a warehouse company, and a hotel.
Dole Food Company, Inc. disclosed that during fiscal year 2010, it paid Mr. Murdock’s companies an aggregate of approximately $10.0 million and during the fiscal year 2011 roughly $9million, for multiple reasons, including primarily for the rental of truck chassis, generator sets and warehousing services. Dole Food Company, Inc. also said that there is also an aircraft least arrangement under which Dole Food pays for about 2/3 of the costs of an aircraft, and Castle & Cooke, Inc. pays for the other 1/3.

While the total compensation of most top officials at Dole Food Company declined from 2009 to 2011, David H. Murdock received a significant increase in his total compensation between 2009 and 2011. His total compensation rose from over $2.1million in 2009 to over $3.23million in 2011.

Shares of Dole Food Company, Inc.  rose from slightly above $9 per share in September 201 to as high as $14.87 per share in February 2011.

Then on July 28, 2011, Dole Food Company announced its second quarter 2011 financial results.

Shares of Dole Food Company, Inc.  dropped from $14.50 per share on July 22, 2011 to as low as $8.25 per share on November 25, 2011 and in January 2012 NYSE-DOLE fell to as low as $8.12 per share. NYSE-DOLE shares then climbed in mid-March 2012 to over $11 per share, but closed on April 16, 2012 at $9.36 per share.

Those who are current long term investors in shares Dole Food Company, Inc.  have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.