Diamond gets notice of non-compliance from Nasdaq
SAN FRANCISCO (AP) — Diamond Foods Inc. said Monday that it received notification from the Nasdaq stock exchange last week that it was not in compliance with its listing requirements, because it didn't meet the deadline for filing its earnings report for its fiscal first quarter.
The San Francisco-based company, which makes Emerald Nuts and Pop Secret popcorn, said that based on a previous plan it submitted to the Nasdaq, it received an extension to file its results by June 11 for the quarter that ended Oct. 31.
Diamond said Monday that it plans to submit an updated plan to the stock exchange by April 16 and hopes to also file its results for the fiscal second quarter which ended Jan. 31 by the same June 11 date.
In the meantime, Diamond said its stock will continue to be listed and traded on the Nasdaq Global Select Market.
Last month, Diamond said it would replace its CEO and chief financial officer after an internal investigation found that the company improperly accounted for payments to walnut growers and that it would have to restate two years of financial results.
The payments — an estimated $20 million in 2010 and $60 million in 2011 — skewed the company's financial results.
Diamond shares fell 11 cents to $25.23 in morning trading Monday. It shares have risen from a 52-week low of $21.41 in mid-February but are down 74 percent from their high for the past year of $96.13 in late September.
