DMND (Diamond Foods)
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DMND (Diamond Foods)
Cai 43% no after
Shares of Diamond Foods lost nearly half their value, trading down 43% at $20.67. The snack maker placed Chief Executive Michael Mendes and Chief Financial Officer Steven Neil on administrative leave after the board’s audit committee concluded the company needs to restate certain financial results.
Financial reports at Diamond Foods for fiscal 2010 and 2011 will need to be restated because of improper accounting of about $80 million worth of payments made to walnut growers. The committee also found “material weaknesses” in internal accounting controls.
Diamond said it’s starting its search for permanent replacements for Mendes and Neil. The company appointed Rick Wolford, a Diamond board member and former CEO of Del Monte Foods, to serve as acting president and CEO. Michael Murphy, a managing director at Alix Partners LLP, will serve as acting CFO. Read more about the shakeup at Diamond Foods.
http://www.marketwatch.com/story/cisco- ... 2012-02-08
Shares of Diamond Foods lost nearly half their value, trading down 43% at $20.67. The snack maker placed Chief Executive Michael Mendes and Chief Financial Officer Steven Neil on administrative leave after the board’s audit committee concluded the company needs to restate certain financial results.
Financial reports at Diamond Foods for fiscal 2010 and 2011 will need to be restated because of improper accounting of about $80 million worth of payments made to walnut growers. The committee also found “material weaknesses” in internal accounting controls.
Diamond said it’s starting its search for permanent replacements for Mendes and Neil. The company appointed Rick Wolford, a Diamond board member and former CEO of Del Monte Foods, to serve as acting president and CEO. Michael Murphy, a managing director at Alix Partners LLP, will serve as acting CFO. Read more about the shakeup at Diamond Foods.
http://www.marketwatch.com/story/cisco- ... 2012-02-08
- Mensagens: 35428
- Registado: 5/11/2002 12:21
- Localização: Barlavento
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