SOURCE: Brower Piven, A Professional Corporation

November 10, 2011 17:00 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Diamond Foods, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the January 6, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Nov 10, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of Diamond Foods, Inc. ("Diamond" or the "Company") (NASDAQ: DMND) during the period between December 9, 2010 and November 4, 2011, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in Diamond common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 6, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company understated the price it paid to walnut growers thus improperly accounting for its cost of sales. According to the complaint, after, on November 1, 2011, the Company disclosed that its acquisition of the Pringles snack business from Procter & Gamble (scheduled to close in December 2011) would be delayed until the first half of 2012 as a result of a Company internal investigation regarding unreported payments to walnut growers, and after on November 3, 2011, The Wall Street Journal reported, among other things, that the investigation involved at least one such unreported payment estimated at $50 million, the value of Diamond shares declined significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact