Dole CEO and GC Fraud Liability for Otherwise Proper Going-Private Deal
Erik A. Lopez
AUGUST 28, 2015
On August 28, 2015 , the Delaware Court of Chancery found the controlling shareholder-CEO and General Counsel of Dole Food Co. Inc. liable to investors for $148 million for fraudulently driving down the company’s share price in anticipation of a going-private transaction. What’s particularly noteworthy here is that the controlling shareholder appears to have structured the transaction with all of the protections required for minority shareholders ( see In Re MFW Shareholders Litig
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