Key Developments: Diamond Foods Inc (DMND.O)
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$0.07 (+0.42%)
$16.62
$16.42
$16.77
$16.14
183,224
389,879
$24.80
$12.85
Latest Key Developments (Source: Significant Developments)
Diamond Foods Inc Issues FY 2012 Guidance
Diamond Foods Inc announced that for fiscal 2012, it expects net sales to be in the range of $975 to $980 million and adjusted EBITDA to be in the range of $78 to $81 million. Full Article
Diamond Foods, Inc.'s Board Sued Over Financial Problems-Reuters
Reuters reported that the Board of Diamond Foods, Inc. failed to properly oversee the Company, damaging its reputation and costing it the chance to buy rival Pringles, according to a shareholder lawsuit filed on June 27, 2012. Diamond Foods has been embroiled in an accounting scandal involving the timing of payments to walnut growers. The Company's Chief Executive and Chief Financial Officer resigned and its stock price fell from last year's high of $96.13 to June 27th close of $17.49, a loss of about 80%. The accounting scandal also destroyed Diamond Foods' proposed $2.35 billion acquisition of Pringles from The Procter & Gamble Co, according to court documents. The lawsuit by the Board of Trustees of City of Hialeah Employees' Retirement System accused the board of misrepresenting the Company's financial condition. The plaintiffs did not specify a dollar amount for damages. The lawsuit in Delaware's Court of Chancery is what is known as a derivative complaint, meaning the shareholder seeks permission to step into the shoes of the Company and hold directors and officers responsible for harm they caused. Full Article
Diamond Foods, Inc. Appoints Brian J. Driscoll As President And Chief Executive Officer
Diamond Foods, Inc. announced the appointment of food and beverage industry veteran Brian J. Driscoll as President and Chief Executive Officer, effective May 8, 2012. Mr. Driscoll, who will join the Diamond Board of Directors, replaces Rick G. Wolford, a Director who has served as Interim Chief Executive Officer since February 7, 2012 while the Company conducted a nationwide search for a permanent Chief Executive. Full Article
Diamond Foods, Inc. Issues Statement Regarding Termination Of Pringles Transaction With Procter & Gamble Co.
Diamond Foods, Inc. announced that The Procter & Gamble Company (P&G) and Diamond have mutually agreed to terminate Diamond's proposed acquisition of the Pringles business and have released each other from all liabilities related to the proposed acquisition. No break-up or other fees will be paid in connection with this termination. Full Article
Diamond Foods, Inc. Announces Audit Committee Investigation Findings
Diamond Foods, Inc. announced that the Audit Committee of its Board of Directors has substantially completed its investigation of the Company's accounting for certain crop payments to walnut growers. The Audit Committee has concluded that the Company's financial statements for the fiscal years 2010 and 2011 will need to be restated. Over the course of the last three months, the Audit Committee has carefully reviewed the accounting treatment of certain payments to walnut growers. The Audit Committee has concluded that a continuity payment made to growers in August 2010 of approximately $20 million and a momentum payment made to growers in September 2011 of approximately $60 million were not accounted for in the correct periods, and the Audit Committee identified material weaknesses in the Company's internal control over financial reporting. Full Article
Diamond Foods, Inc. Announces Quarterly Dividend
Diamond Foods, Inc. announced that its Board of Directors approved a cash dividend of $0.045 per common share. The dividend will be payable on February 2, 2012, to stockholders of record as of January 24, 2012. Full Article
Kahn Swick & Foti, LLC Announces Inquiry Of Diamond Foods, Inc.
Kahn Swick & Foti, LLC and KSF partner announced that Diamond Foods stock has fallen an additional 13.25% - falling $4.40 to $28.73 in after-hours trading - following the publication by The Wall Street Journal, of a headline stating that federal prosecutors have opened inquiry into DMND walnut payments, citing sources. This investigation follows the filing of investors’ class action lawsuit for those who purchased shares of Diamond Foods between December 9, 2010 and November 4, 2011. That lawsuit was filed in the United States District Court for the Northern District of California. Full Article
Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline in Class Action Lawsuit Against Diamond Foods, Inc.
Glancy Binkow & Goldberg LLP announced that all persons or entities who purchased the securities of Diamond Foods, Inc. between December 9, 2010 and November 4, 2011, inclusive (the Class Period), have until January 6, 2012, to file a motion with the Court to be appointed as Lead Plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Northern District of California. products. On April 5, 2011, the Company announced that it was going to acquire the Pringles snack business (the Acquisition) from The Procter & Gamble Company. The Company represented to investors that the Acquisition would be completed by December 2011. The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was underestimating the ultimate price to be paid to walnut growers; (2) the Company was improperly accounting for its cost of sales; (3) as a result, the Company's financial results were overstated; (4) the Company lacked adequate internal and financial controls; (5) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times; and (6), the Company's positive statements about Diamond Foods' business, operations and prospects, as well as those regarding the timetable for the Acquisition, lacked a reasonable basis. Full Article
Rigrodsky & Long, P.A. Files Class Action Lawsuit Against Diamond Foods, Inc.
Rigrodsky & Long, P.A. announced that it has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired the stock of Diamond Foods, Inc. between December 9, 2010 and November 4, 2011, inclusive (Class Period). The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, as well as failed to disclose material adverse facts about the Company`s business, operations, and prospects. Specifically, Defendants made materially false and misleading statements concerning, and/or failed to disclose that: the Company overstated its earnings by improperly accounting for certain crop payments to walnut growers; the Company`s acquisition of Pringles snack business would be delayed; the Company lacked adequate internal and financial controls; and as a result of the foregoing, the Company`s financial results were materially false and misleading at all relevant times. Full Article
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Diamond Foods, Inc.
Law Offices of Howard G. Smith, representing investors of Diamond Foods, Inc., has filed a class action lawsuit in the United States District Court for the Northern District of California. The lawsuit alleges violations of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Diamond Foods securities between December 9, 2010 and November 4, 2011 (the Class Period). Diamond Foods processes and distributes snack products. On April 5, 2011, the Company announced the proposed acquisition of the Pringles snack business (the Acquisition) from The Procter & Gamble Company. The Complaint alleges that, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was underestimating the ultimate price to be paid to walnut growers; (2) the Company was improperly accounting for its cost of sales; (3) as a result, the Company's financial results were overstated; (4) the Company lacked adequate internal and financial controls; (5) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times; and (6), as a result of the foregoing, the Company's positive statements about Diamond Foods' business, operations, prospects, and the timing of the Acquisition, lacked a reasonable basis. Full Article
Diamond Foods adjusted profit tops estimates
- Diamond Foods reported slightly better than expected adjusted profit for the first quarter on Monday, as reduced spending on promotions and advertising helped margins, and the snack food maker's shares rose 1 percent in after-hours trade.
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