Diamond Foods to delay 1Q results, Pringles deal on hold

Diamond Foods said Monday that it will delay filing its fiscal first-quarter results due to an ongoing investigation by its audit committee into the accounting for its walnut payments.

The probe has already led to a delay in its attempted $1.5 billion acquisition of Pringles, the chip company, from Procter & Gamble (PG).

Its stock slid $9.02, or 22%, to $31.52 in morning trading Monday. Over the last year, the shares have traded between $26.37 and $96.13.

Diamond Foods (DMND), which makes products such as Emerald Nuts and Pop Secret popcorn, disclosed in November that several securities class-action lawsuits have been filed in connection with the walnut payment controversy. More lawsuits are expected.

Read Full Article from USA Today

- Posted: 2011-12-12 10:00:44

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