Market Overview

Diamond Foods Announces Results of Audit Committee

On Wednesday, Diamond Foods (NASDAQ: DMND) reported the findings of its audit committee. According to the company's release, the financial statements for 2010 and 2011 will have to be restated.

At the time of writing, shares are currently halted, but are expected to resume at 4:50pm. Originally, it had been reported that the company was set to release its earnings on Thursday. However, Benzinga confirmed with the company earlier in the week that no set date for earnings has been released.

The board of directors also announced that it was putting the CEO and CFO on leave, and had appointed replacements in the interim.

The development is made more interesting by the fact that the company is seeking to purchase Pringles from Proctor & Gamble (NYSE: PG).

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