"Diamond Foods to Restate Earnings, Replace Executives Amid Payments Audit" http://www.bloomberg.com/news/2012-...s-replace-executives-amid-payments-audit.html
Just bought the Jun 2012 15 put. Just in case they go bust pretty quickly. They only hold $3m in cash. Shorting has been prohibited for 1 day apparently
I'd like to buy some, but IV is too high right now for my taste. I'm not paying 30 cents for March 15 puts.
Update on DMND 8 February Company needs to restate financial statements http://sec.gov/Archives/edgar/data/1320947/000119312512046902/d297426d8k.htm 11 June Company "announced that it will not meet the previously disclosed June 11, 2012 Nasdaq deadline to file its quarterly reports on Form 10-Q for the periods ended October 31, 2011, and January 31, 2012 as well as April 30, 2012. " http://finance.yahoo.com/news/diamond-foods-provides-nasdaq-deadline-123000781.html Update from Adam Gefvert: http://seekingalpha.com/article/650981-was-diamond-foods-dealing-in-enron-like-fraudulent-activity