UPDATE 1-Diamond Foods delisting held until Nasdaq hearing

July 2 Mon Jul 2, 2012 5:22pm EDT

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July 2 (Reuters) - Diamond Foods Inc said it received an approval from a Nasdaq panel for a stay on delisting its stock until a hearing, after the company missed the deadline for filing its already-delayed quarterly reports.

Nasdaq told the snack food maker last month that it had missed the deadline for filing its restated financial reports, which could lead to a delisting from the stock exchange.

Diamond's hearing is scheduled for July 26 and the company said there was no guarantee that it would be able to file its reports with the U.S. Securities and Exchange Commission on the scheduled date.

The company was scheduled to report its restated accounts on June 11 for fiscal 2010 and 2011 after an investigation uncovered improper accounting.

Diamond shares were up 1.6 percent after the bell. They closed at $18 on Monday on the Nasdaq.

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