The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made materially false and misleading statements concerning, and/or failed to disclose that: (a) the Company overstated its earnings by improperly accounting for certain crop payments to walnut growers; (b) the Company’s acquisition of Pringles snack business would be delayed; (c) the Company lacked adequate internal and financial controls; and (d) as a result of the foregoing, the Company’s financial results were materially false and misleading at all relevant times.On April 5, 2011, the Company announced that it was going to acquire the Pringles snack business (the “Acquisition”) from The Procter & Gamble Company (“P&G”). The Company represented to investors that the Acquisition would be completed by December 2011.
Rigrodsky & Long, P.A. Files Class Action Lawsuit Against Diamond Foods, Inc.
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