Diamond Foods (DMND) Slammed As Department of Justice Gets Involved
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Diamond Foods (Nasdaq: DMND) is under heavy pressure after-hours Thursday following reports from the Wall Street Journal that federal prosecutors have opened a probe into payments to walnut growers.
The U.S. Attorney's Office in San Francisco and the SEC are coordinating efforts to investigate the matter. Last month, the SEC first opened a formal investigation into the payments.
These questionable payments to growers, which some suggested were used to shift profits, are holding up Diamond Foods' takeover of Procter & Gamble's Pringles brand.
Diamond Foods' audit committee has its own investigation on the matter that is expected to be completed by the middle of February.
Shares of Diamond Foods last traded at $29.24, down 12 percent from Thursday's Nasdaq close.
The U.S. Attorney's Office in San Francisco and the SEC are coordinating efforts to investigate the matter. Last month, the SEC first opened a formal investigation into the payments.
These questionable payments to growers, which some suggested were used to shift profits, are holding up Diamond Foods' takeover of Procter & Gamble's Pringles brand.
Diamond Foods' audit committee has its own investigation on the matter that is expected to be completed by the middle of February.
Shares of Diamond Foods last traded at $29.24, down 12 percent from Thursday's Nasdaq close.
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