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Deadline Approaching In Lawsuit Against Diamond Foods, Hagens Berman Reminds Investors As SEC Investigation Is Revealed

BERKELEY, Calif., Dec 15, 2011 /PRNewswire/ -- Hagens Berman today reminds investors that only 22 days remain before the Jan. 6, 2012 lead plaintiff deadline in a securities class-action filed against Diamond Foods (NASDAQ: DMND).

Investors who purchased Diamond common stock between Dec. 9, 2010, and Nov. 4, 2011 (the "class period"), with significant losses can call Partner Reed R. Kathrein at (510) 725-3000 or email the firm at DMND@hbsslaw.com. You can also contact Hagens Berman online at www.hbsslaw.com/diamondfoods.

Hagens Berman is deepening its investigation following Diamond's disclosure of an investigation by the Securities Exchange Commission (SEC).

Diamond had already stated that it was performing an internal investigation regarding certain crop payments to walnut growers and possible accounting issues. Diamond Foods has stated that it will fully cooperate with the SEC investigation.

On Nov. 1, 2011, Diamond Foods announced that it was postponing its acquisition of Pringles, which it had previously told investors would be completed by Dec. 2011. The company stated that it postponed the acquisition in order to investigate possible improper accounting of payments to walnut growers.

On Monday Dec. 12th, 2011, DMND stock fell 20 percent after the announcement that its internal audit would not be completed until mid-February. On Thursday Dec. 15, 2011, on the news of the SEC investigation, stocks fell another 5 percent selling at $29.47 per share by the time the market closed. In Sept., the stock was trading near $90.00.

"It is surprising the SEC is only now looking at Diamond Foods," Mr. Kathrein said. "Our investigation indicates that investors need a full accounting from Diamond concerning these questionable payments and their impact on revenue."

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