LOS ANGELES, Dec. 12, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased the securities of Diamond Foods, Inc. ("Diamond Foods" or the "Company") (Nasdaq:DMND) between December 9, 2010 and November 4, 2011, inclusive (the "Class Period"), have until January 6, 2012 to file a motion with the Court to be appointed as Lead Plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Northern District of California.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
Diamond Foods engages in processing, marketing and distributing snack products. On April 5, 2011, the Company announced that it was going to acquire the Pringles snack business (the "Acquisition") from The Procter & Gamble Company. The Company represented to investors that the Acquisition would be completed by December 2011.
The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was underestimating the ultimate price to be paid to walnut growers; (2) the Company was improperly accounting for its cost of sales; (3) as a result, the Company's financial results were overstated; (4) the Company lacked adequate internal and financial controls; (5) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times; and (6), the Company's positive statements about Diamond Foods' business, operations and prospects, as well as those regarding the timetable for the Acquisition, lacked a reasonable basis.
Any person or group who suffered a loss as a result of purchasing Diamond Foods securities between December 9, 2010 and November 4, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the January 6, 2012 deadline. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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