November 24, 2011
Shares of Diamond Foods, Inc (NASDAQ:DMND) plunged by 20.50% to close trading at $27.80 and in the course of trading the stock reached its lowest annual price level of $26.94.
The tremendous drop followed the unfavorable news regarding several lawsuits initiated on behalf of the shareholders by a number of law firms concerning the company’s delay in completing the purchacing of Pringles announced in April 2011.
Furthermore, on November 23 it was reported that one of the key members of the company's board of directors and audit committee committed suicide amid the board's investigation of company's accounting.
Diamond Foods, Inc. is involved in the Food Processing industry and is focused on building, purchasing and energizing brands. It particularly deals with snacks and culinary by processing, marketing and distributing them via global, national, regional and independent grocery channels.