A law firm is investigating Dole Food Co. as to whether the company, chaired by David Murdock, made false or illegal financial statements, according to an investor advocacy group. Murdock is also chair of Castle & Cooke, which owns almost all of Lanai.

The Shareholders Foundation did not disclose the name of the law firm or specific details about the investigation. 

It did report the following: 

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

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

It also noted that:  ”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.”

Read more here. 

Photo: Michael Levine/ Lanai