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Nov. 11, 2011 /PRNewswire/ -- Former United States Securities and United States Securities and Exchange Commission attorney
Willie Briscoe, founder of
The Briscoe Law Firm, PLLC, and the securities litigation firm of
Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Diamond Foods, Inc. ("Diamond Foods" or "DMND") (NASDAQ: DMND) related to potential securities violations between
December 9, 2010 and
November 4, 2011 (the "Class Period").
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact
Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
According to former SEC attorney and shareholder advocate
Willie Briscoe, "Based on recent revelations about the conduct of Diamond Foods' Board of Directors and certain officers, the firms have commenced an investigation to uncover possible breaches of fiduciary duties and other violations of state law by the officers and directors for Diamond Foods shareholders."
In a recently-filed securities class action complaint, it has been alleged that during the Class Period Diamond Foods and certain of its officers and directors made materially false and misleading statements or failed to disclose material information related to the company's business and operations in violation of the Securities Exchange Act of 1934. Specifically, it is alleged that defendants misrepresented Diamond Foods' current financial condition and prospective financial results related to a proposed acquisition of The Procter & Gamble Company's ("P&G") Pringles business, which was purportedly scheduled to close in
December 2011. In particular, Diamond Foods and certain officers and directors have been accused of misrepresenting to current and potential investors the company's reported earnings and expenses incurred during Diamond Foods' year 2011, its fiscal 2011 projected revenue and earnings and the timing thereof, and the overall shareholder value related to the P&G business acquisition. It is further alleged that due to these misrepresentations, Diamond Foods' stock to trade at artificially inflated prices, reaching a Class Period high of
September 20, 2011.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP