Diamond Foods Misses Deadlines, Faces Delisting

by Christopher Freeburn | June 11, 2012 12:01 pm

Diamond Foods (NASDAQ:DMND[1]) faces possible delisting from the Nasdaq exchange after missing deadlines today[2].

The company said it will not file restated financial results from its 2010 and 2011 fiscal years as required by the exchange in the wake of an investigation over its accounting practices. It also said it would miss a July 31 deadline to hold its annual meeting.

Shares of Diamond Foods fell more than 6% in early Monday trading.

Restatement of the company’s financial statements is continuing, the company said. Diamond indicated that it would ask for a hearing to appeal delisting.

The company is still reeling from revelations that it had improperly recorded millions of dollars in payments to walnut farmers. Disclosure of the accounting tricks led to the departure of its CEO and CFO, Reuters noted.

Producer of popular products including Pop Secret popcorn, Emerald Nuts and Kettle potato chips, Diamond Foods was forced to end its purchase of Pringles from Procter & Gamble (NYSE:PG[3]) after news of the scandal broke earlier this year.

  1. DMND: http://studio-5.financialcontent.com/investplace/quote?Symbol=DMND
  2. after missing deadlines today: http://in.reuters.com/article/2012/06/11/us-diamond-filing-idINBRE85A0QA20120611
  3. PG: http://studio-5.financialcontent.com/investplace/quote?Symbol=PG

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