What is Diamond Foods Hiding?

It was revealed on Monday that Diamond Foods

, the company responsible for Emerald Nuts, Pop Secret and Kettle Chips, is under serious threat of being delisted by Nasdaq due to the fact that it hasn't reported its earnings for three months in succession. Diamond Foods has issued a stunningly indignant statement on Monday morning, saying that it refuses to meet a Monday deadline set by Nasdaq to report nine months of earnings, and that it will also petition to remain listed. You have to admire the cheek of that. The company is saying that it will not do what is asked of it, but that it should not be punished. "Diamond and its auditors have devoted significant resources and are working diligently to complete the restatement for fiscal years 2011 and 2010 and file our delayed fiscal year 2012 quarterly reports as soon as possible," said CFO Mike Murphy in a statement. "We look forward to discussing the progress we have made with Nasdaq and to getting Diamond current in its filings soon." DMND is being asked to restate its 2010 and 2011 earnings too, as there are apparently some walnut-related irregularities. But the big question remains - what is DMND trying to cover up? What is it afraid of? Just get the numbers out, guys.