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Strategies & Market Trends : Turnarund Investing

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Aug 1 5:00 PM EST

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To: Covenant who wrote (1646)	6/11/2012 3:36:29 PM
From: Covenant	1 Recommendation of 1876

Off to the Pink Sheets for the DMND unturnarund fraud . Diamond Foods Inc. DMND -9.08% said it will miss Monday's extended deadline to file restated financial reports and expects the Nasdaq Stock Market will notify the snack foods company that it is out of compliance with requirements and faces a potential delisting. The company also expects that, as a result of the incomplete revised financial reports, it won't be prepared to hold its annual shareholder meeting by July 31—another requirement under Nasdaq rules. Diamond plans to request a hearing to appeal any Nasdaq delisting decisions. The company and its auditors "have made substantial progress" on the restatements of its fiscal 2011 and 2010 earnings reports, as well as reports for the first three quarters of the current fiscal year, Diamond said Monday. In February, Diamond fired its chief executive and chief financial officer and said it would restate the financial results after an internal probe found it had wrongly accounted for payments to walnut growers. The accounting irregularities were cited as reasons for the collapse of Diamond Food's $2.35 billion deal to buy the Pringles brand of snack chips from Procter & Gamble Corp. PG +0.04% P&G ultimately sold the business to Kellogg Co. K -0.12% Write to Tess Stynes at tess.stynes@dowjones.com

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