Defendant Name:
Diamond Foods, Inc.
Defendant Type:
Public Company
SIC Code:
2090
CUSIP:
25260310
Document Reference:
comp-pr2014-4-diamond
Document Details
Legal Case Name
SEC v. Diamond Foods, Inc.
Document Name
Complaint
Document Date
09-Jan-2014
Document Format
Civil Proceeding
Case Number
14-cv-00123
Federal District Court
California, Northern District of California
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On January 9, 2014, the SEC filed a complaint against Diamond Foods, Inc. ("Diamond") in the U.S. District Court for the Northern District of California. According to the SEC: "This case involves financial reporting fraud and earnings management at Diamond, a San Francisco-based snack food company. One of Diamond's businesses involved buying walnuts from its growers and selling those walnuts to retailers. As a result of a scheme by Diamond's Chief Financial Officer Steven Neil to fraudulently manipulate and delay appropriate recording of the costs paid to walnut growers, Diamond reported inflated earnings during fiscal years 2010 and 2011." Specifically, Diamond materially misstated its financial results in multiple SEC Forms 10-Q, 10-K, 8-K, and S-4 from at least February 2010 and ending in September 2011.
