This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
Diamond Foods Replaces CEO, CFO
Company restates earnings after investigation of payments to walnut growers.
Diamond Foods Inc. will restate earnings for the past two years and replace its top two executives after the board found the company booked payments to walnut growers in the wrong periods. The shares plunged.
The restatement may imperil Diamond’s planned, stock-based acquisition of the Pringles potato chip brand from Procter & Gamble Co., which has said the sale depended on the favorable resolution of the investigation.
Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.