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Hagens Berman Deepens Investigation Of Diamond Foods On Rumors Of Audit Committee Member's Suicide

Stocks in this article: DMND





 

 

 

 

 

SAN FRANCISCO, Nov. 22, 2011 /PRNewswire/ -- Hagens Berman is deepening its investigation of Diamond Foods, Inc.'s (NASDAQ: DMND) accounting practices and payments to walnut growers for securities violations following recent news of the possible suicide of a member of the company's board of directors and audit committee.

 

Persons with knowledge of the facts being investigated are encouraged to contact the firm. Partner Reed R. Kathrein is leading the investigation and can be reached at (510) 725-3000 or by email at DMND@hbsslaw.com . Investors who purchased Diamond Foods stock between Dec. 9, 2011 and Nov. 4, 2011 (the "class period") can also learn more about this investigation, and the securities fraud class action filed against DMND at www.hbsslaw.com/diamondfoods or by contacting Mr. Kathrein.

 

The deadline to move the court for lead plaintiff is Jan. 6, 2012.

 

Diamond Foods announced on Nov. 1, 2011 that it was postponing its acquisition of Pringles, which it had previously told investors would be completed by Dec. 2011. The company postponed the acquisition in order to investigate possible improper accounting of payments to walnut growers reportedly raised by Off Wall Street's analyst Mark Roberts.

 

Since the announcement of the delayed acquisition, DMND common stock has fallen dramatically, from nearly $65.00 per share on Nov. 1, 2011, to less than $35.00 per share on Nov. 22, 2011.

 

On Nov. 22, 2011, reports indicated that Joseph P. Silveira, a member of the board of directors at DMND, had committed suicide. DMND stock fell further on the news in after-hours trading. According to one report, Silveira had recused himself from DMND's investigation into walnut payments because he managed walnut properties.

 

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