Diamond Foods Tumble 19.5% at Opening Bell; Walnut Growers Reportedly Question Payments

By MidnightTrader.com Staff,

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Diamond Foods ( DMND ) opens Monday's regular session down 19.5%, sliding down more than 23% in pre-bell trade following a WSJ report that noted some walnut growers are challenging Diamond's explanation of mysterious payments to the growers.

The alleged payments have stalled Diamond's attempts to acquire Pringles from Procter & Gamble for $2.35 bln.

WSJ also reported that the company will not be able to file its quarterly financial statements of time, saying that its audit committee had not finished reviewing its accounts for payments DMND makes to walnut growers.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: DMND

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