D-Day Approaches for Diamond Foods (DMND)
Down)
The day of reckoning is almost upon Diamond Foods, Inc. (Nasdaq: DMND).
By "mid-February" the company anticipates being able to conclude its ongoing Audit Committee investigation into accounting for certain crop payments to walnut growers.
The audit is crucial as, in addition to quarterly results, the probe has held up the purchase of Procter & Gamble's (NYSE: PG) Pringles brand.
A spokesperson for Diamond Foods told StreetInsider.com no changes have been made to the "mid-February" target. Reporting of the company's results still remain in question as the figures would depend on what comes out of the investigation, the spokesperson said.
"We have not made any update to the timing we provided in our last statement, so the mid-February timing is the best estimate we have," said SVP Linda Segre. "I am not certain of when we would report Q1 earnings; it does depend on what comes out of the Audit Committee investigation."
While the company still faces ongoing probes from the SEC and DoJ related to the payments, a clean bill of health from the company's Audit Committee could go a long way.
Shares of the snack-food maker are down 42 percent (from $64) since announcing the delay in the merger in November of 2011.
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By "mid-February" the company anticipates being able to conclude its ongoing Audit Committee investigation into accounting for certain crop payments to walnut growers.
The audit is crucial as, in addition to quarterly results, the probe has held up the purchase of Procter & Gamble's (NYSE: PG) Pringles brand.
A spokesperson for Diamond Foods told StreetInsider.com no changes have been made to the "mid-February" target. Reporting of the company's results still remain in question as the figures would depend on what comes out of the investigation, the spokesperson said.
"We have not made any update to the timing we provided in our last statement, so the mid-February timing is the best estimate we have," said SVP Linda Segre. "I am not certain of when we would report Q1 earnings; it does depend on what comes out of the Audit Committee investigation."
While the company still faces ongoing probes from the SEC and DoJ related to the payments, a clean bill of health from the company's Audit Committee could go a long way.
Shares of the snack-food maker are down 42 percent (from $64) since announcing the delay in the merger in November of 2011.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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