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."
Persons with knowledge that may help the investigation are
encouraged to contact the firm. The SEC recently finalized new
rules as part of its implementation of the whistleblower provisions
in the Dodd-Frank Wall Street Reform Bill. The new rules protect
whistleblowers from employer retaliation and allow the SEC to
reward those who provide information leading to a successful
enforcement with up to 30 percent of the recovery.
More information is also available at
www.hbsslaw.com/diamondfoods.
About Hagens Berman
Seattle-based Hagens
Berman Sobol Shapiro LLP is an investor-rights class-action law
firm with offices in 10 cities. In addition to investors, the firm
represents whistleblowers, workers and consumers in complex
litigation. More about the law firm and its successes can be found
at www.hbsslaw.com. The firm's securities law blog is at
www.meaningfuldisclosure.com.
SOURCE Hagens Berman Sobol Shapiro LLP