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.

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