Diamond Foods (DMND) Takes a Hit On SEC Investigation
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Diamond Foods, Inc. (Nasdaq: DMND) is now seeing heavy pressure following this morning's disclosure of a SEC Investigation.
Shares last traded at $27.58, down 6.5 percent.
From the Filing:
On December 14, 2011, Diamond Foods, Inc. (“Diamond”) received a formal order of investigation from the staff of the United States Securities and Exchange Commission (“SEC”). As previously disclosed, the Audit Committee of Diamond’s Board of Directors is conducting an investigation of Diamond’s accounting for certain crop payments to walnut growers. The SEC has informed Diamond that its investigation should not be construed as an indication by the SEC that any violations of law have occurred. Diamond intends to cooperate fully with the SEC. Diamond is unable to predict the timing or outcome of the SEC’s investigation.
Shares last traded at $27.58, down 6.5 percent.
From the Filing:
On December 14, 2011, Diamond Foods, Inc. (“Diamond”) received a formal order of investigation from the staff of the United States Securities and Exchange Commission (“SEC”). As previously disclosed, the Audit Committee of Diamond’s Board of Directors is conducting an investigation of Diamond’s accounting for certain crop payments to walnut growers. The SEC has informed Diamond that its investigation should not be construed as an indication by the SEC that any violations of law have occurred. Diamond intends to cooperate fully with the SEC. Diamond is unable to predict the timing or outcome of the SEC’s investigation.
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