SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

November 08, 2011 14:41 ET

The Law Firm of Levi & Korsinsky Notifies Investors With Losses on Their Investment in Diamond Foods, Inc. of Class Action Lawsuit and the Deadline of January 6, 2012 to Seek a Lead Plaintiff Position

NEW YORK, NY--(Marketwire - Nov 8, 2011) - Levi & Korsinsky 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 Diamond Foods, Inc. ("Diamond Foods" or the "Company") (NASDAQ: DMND) securities between April 5, 2011 and November 1, 2011 (the "Class Period").

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The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (a) the Company was underestimating the ultimate price to be paid to walnut growers; (b) the Company was improperly accounting for its cost of sales; (c) and as a result, the Company's financial results were overstated and the Company's positive statements about Diamond Foods' business, operations, and prospects lacked a reasonable basis.

On November 1, 2011, Diamond Foods announced it was launching an internal investigation into the Company's accounting practices. Diamond Foods also announced that, due to the investigation, the Company's acquisition of the Pringles chips brand from Procter & Gamble Co. is now expected to close in the first half of 2012. Upon this news shares of Diamond Foods fell from a closing price of $65.75 on October 31, 2011, to a closing price of $52.79 the following day.

If you suffered a loss in Diamond Foods stock you have until January 6, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at or by telephone at (877) 363-5972, or visit

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171