NASDAQ finds additional basis for delisting Diamond

by Jeff Gelski
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SAN FRANCISCO – Diamond Foods, Inc. on Oct. 3, as expected, received a determination letter from the NASDAQ Stock Market listing qualifications staff, the company confirmed. The letter said Diamond Foods’ failure to file its annual report on Form 10-K for the year ended July 31, 2012, served as an additional basis for a potential delisting of Diamond Foods’ shares.

Previously, San Francisco-based Diamond Foods received an extension from the NASDAQ hearings panel. The extension requires the company to become current in its periodic report filings with the Securities and Exchange Commission by Dec. 7, 2012, and to hold its annual shareholder meeting by Jan. 14, 2013, to remain listed on the NASDAQ.

Diamond Foods has worked on restating and updating financial records since Feb. 8, 2012, when it said financial statements for the fiscal years 2010 and 2011 will need to be restated because of questions surrounding certain payments to walnut growers.

On June 11, Diamond Foods said it would not meet that day’s NASDAQ deadline to file quarterly reports for the periods ended Oct. 31, 2011, Jan. 31, 2012, and April 30, 2012. Diamond Foods on Sept. 10, 2012, received a notice from the NASDAQ hearings panel that granted the extensions.

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