Summary Notice of Proposed Settlement, Settlement Hearing, and Right to Appear in Dole Food Co. Inc. Stockholder Litigation

WILMINGTON, Del., Dec. 15, 2015 /PRNewswire/ --

IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION, SETTLEMENT HEARING, AND RIGHT TO APPEAR

TO: All former record holders and beneficial owners of common stock of Dole Food Company, Inc. ("Dole") who owned such stock at any time during the period commencing June 11, 2013, and ending November 1, 2013 (the "Class Period"), together with their successors and assigns (the "Class").

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1) and 23(b)(2) and an Order of the Delaware Court of Chancery (the "Court"), that the above-captioned action (the "Action") has been previously certified as a non-opt out class action on behalf of the Class, except for certain persons and entities who are excluded from the Class by definition as set forth in the full printed Notice of Proposed Settlement of Class Action, Settlement Hearing, and Right to Appear (the "Notice").

YOU ARE ALSO HEREBY NOTIFIED that Plaintiffs in the Action have reached a proposed settlement of the Action (the "Settlement") that provides for a cash payment (the "Class Payment") by defendant David H. Murdock ("Murdock"), on behalf of all defendants, equal to (1) $100,814,896.92 in damages; (2) plus $12,461,138.59 in interest for the period of November 1, 2013 (the "Merger Date") through November 15, 2015; (3) plus $17,802.79 in per diem interest from November 16, 2015 until the date on which Murdock deposits the foregoing amounts into an interest bearing account jointly controlled by Co-Lead Counsel¹. An award by the Court of attorney's fees and reimbursement of litigation expenses will be deducted from the amount of the cash payment. The costs of providing notice and administering the settlement will likewise be deducted from the amount of the cash payment. The Settlement's cash payment, net of the Court's award of Lead Counsel's attorney's fees and expenses and the notice and administration costs, will be distributed to all members of the Class who both owned Dole common stock as of the Merger Date and submit a valid Proof of Claim to the Settlement Administrator.

A settlement hearing will be held on February 10, 2016, at 10:00 a.m. at the Court of Chancery in the New Castle County Courthouse, 500 North King Street,  Wilmington, DE 19801, to determine, among other things, whether (i) the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation and Agreement of Settlement, dated December 7, 2015 (and in the Notice), should be granted; (iii) the proposed plan of allocation of the Settlement's cash payment should be approved as fair and reasonable; and (iv) Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.

IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT. If you have not yet received the Notice, you may obtain a copy of the Notice by downloading the document from the website www.dolestockholderlitigation.com, or by contacting the Settlement Administrator by (i) sending an email with the subject line "Dole Food Stockholder Litigation" to [email protected], (ii) calling 866-561-6065, or (iii) writing as follows:

Dole Food Stockholder Litigation
Attn: Fulfillment Department
c/o A.B. Data, Ltd.
3410 West Hopkins Street
PO Box 170999
Milwaukee, WI 53217

Any objections to the proposed Settlement, the plan of allocation of the Settlement's cash payment, and/or Lead Counsel's application for an award of attorneys' fees and reimbursement of litigation expenses, must be filed with the Register in Chancery and delivered to Lead Counsel and the Defendants' counsel such that they are received no later than January 27, 2016, in accordance with the instructions set forth in the Notice.

PLEASE DO NOT CALL OR WRITE THE COURT OR THE OFFICE OF THE REGISTER IN CHANCERY REGARDING THIS NOTICE. Inquiries, other than requests for the Notice, may be made to the following Lead Counsel:

Stuart M. Grant
Grant & Eisenhofer P.A.
123 S. Justison Street
Wilmington, DE 19801
(302) 622-7000

¹ If such payment occurs on or after January 31, 2016, but on or before the end of that next quarter, then the "Class Payment" shall be: (1) $100,814,896.92 in damages; (2) plus $13,832,049.47 in interest from the Merger Date through January 31, 2016; (3) plus $18,060.82 in per diem interest thereafter until the next compounding period (or change in the Federal Reserve Discount Rate).  If the Class Payment Date occurs on or after March 31,2016 (or at or after any change in the Federal Reserve Discount Rate), then the Class Payment will be re-calculated to account for further compounding and the new per diem interest rate (and any changes in the Federal Reserve Discount Rate). 

SOURCE Grant & Eisenhofer P.A.

Related Links

http://www.dolestockholderlitigation.com