Wednesday 2 November: Declines on news of accounting issues http://finance.yahoo.com/news/Diamond-Foods-Provides-Update-pz-300047034.html http://www.bloomberg.com/news/2011-...er-delay-in-closing-pringles-acquisition.html Tuesday 22 November: Death of Director Joseph Silveira http://seekingalpha.com/symbol/dmnd http://phx.corporate-ir.net/phoenix.zhtml?c=189398&p=RssLanding&cat=news&id=1631752 which is revealed by Herb Greenberg to be a suicide https://twitter.com/herbgreenberg/status/139086032023982080 https://twitter.com/herbgreenberg/status/139093499747377153 http://www.tweetdeck.com/twitter/herbgreenberg/~JcuxV https://twitter.com/herbgreenberg/status/139094346183081985 https://twitter.com/herbgreenberg/status/139104325925482496 http://www.tweetdeck.com/twitter/herbgreenberg/~ecAED
https://twitter.com/herbgreenberg/status/139169362052521985 https://plus.google.com/u/0/107858226132224039781/posts/RmBih75ZkEj In the above Google Plus post, Herb Greenberg puts his $DMND "tweets from earlier put into story form". *** www.bloomberg.com/news/2011-11-23/d...ctor-death-unrelated-to-accounting-probe.html "Diamond Foods Says Director Death Unrelated to Payment Probe" (my comment: as if a company would actually come out and say "yes, the suicide of our director is related to an accounting probe") *** https://twitter.com/herbgreenberg/status/139279937566810112 http://www.tweetdeck.com/twitter/herbgreenberg/~NfUqH "Bloomberg is reporting that the $dmnd director's death is "unrelated" to the accounting probe. the company was not willing to say that, outright, when I spoke with the spokesman. Further, it appears that by the time Bloomberg called the coroner's office, the coroner's office was not willing to share any information and directed the reporter to the police department."
Not yet. Going back to our previous discussion, this is the type of situation where the likelihood of the stock going up by 50% is quite high, especially if the accounting issues are shown to be benign. However this article is making me feel more confident that the stock still may have further downside to go: http://www.seekingalpha.com/article...director-s-suicide-evokes-necessary-questions
I think that event might be the first time in history it's ever happened. !STOP PRESS! Expected accountancy problems were one big mistake, the company's books are fine
Yeah I could have phrased that better. The accounting investigation relates to "accounting for payments made to walnut growers". http://www.bloomberg.com/news/2011-...er-delay-in-closing-pringles-acquisition.html The worst case scenario is that there is some kind of serious accounting fraud, including stealing of company money. The word "serious" before "accounting fraud" is probably redundant because accounting fraud is serious. However if it is "just" the case of under-reporting expenses, and/or incorrectly recording expenses in one period when they should be in another, then the stock may rally. Either way, I'm not confident enough to hold any position in the stock now, but that may change.
They are (or rather, were) in the process of buying Pringles from P&G, as the deal deadline got closer they discovered "accounting errors" and basically told P&G that they don't have the money. It's an extremely messy situation, will they make a movie about this in a few years time? Long.
http://boards.fool.com/dmnd-the-anatomy-of-a-fraud-29685717.aspx "Subject: DMND & the anatomy of a fraud" There is a lot of background information about the company in this detailed piece.
tell you what, they are selling overpriced garbage, especially the chips, which is always a warning sign . bags of air
www.seekingalpha.com/article/310223-drama-and-share-price-decline-at-diamond-foods "Drama And Share Price Decline At Diamond Foods "