DALLAS, Oct. 27 /PRNewswire-FirstCall/ -- Dean Foods today announced that two shareholder derivative complaints have been filed against the Company which allege stock option backdating by Dean Foods. The complaints name certain current and former members of the Board of Directors and certain current and former members of management.
Over the past few months, the Company has carefully reviewed its historical stock option grants with its counsel and consulted with its independent auditors. The Company does not believe there has been any inappropriate conduct and does not expect any restatement of its financial statements.
In response to the litigation, Dean Foods' Board of Directors appointed a special committee of independent directors who were not named in the litigation to assess the allegations contained in the complaints. To assist in the evaluation, the committee also retained outside counsel. A review of the litigation is ongoing, and the committee will determine what action the Company should take.
ABOUT DEAN FOODS
Dean Foods Company is one of the leading food and beverage companies in the United States. Its Dairy Group division is the largest processor and distributor of milk and other dairy products in the country, with products sold under more than 50 familiar local and regional brands and a wide array of private labels. The Company's WhiteWave Foods subsidiary markets and sells a variety of well-known dairy and dairy-related products, such as Silk(R) soymilk, Horizon Organic(R) milk and other dairy products and International Delight(R) coffee creamers. WhiteWave Foods' Rachel's Organic(R) brand is the largest organic milk brand and third largest organic yogurt brand in the United Kingdom.
FORWARD-LOOKING STATEMENTS
Some of the statements in this press release are "forward-looking" and are made pursuant to the safe harbor provision of the Securities Litigation Reform Act of 1995. These "forward-looking" statements include statements relating to, among other things, expectations of management and the potential impact on the Company's financial statements. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release. The forward-looking statements in this press release speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.
Contact: Barry Sievert
Senior Director, Investor Relations
(214) 303-3437
Marguerite Copel
Vice President, Corporate Communications
(214) 721-1273
