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As it struggles in its effort to become current with its periodic report filings with the SEC,...
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Friday, October 5, 2012, 4:36 PM ETAs it struggles in its effort to become current with its periodic report filings with the SEC, Diamond Foods (DMND) says it's received a determination letter from the Nasdaq stating that it's failure to file its annual 10-K for the year ended July 31, 2012 serves as an additional basis for the potential delisting of its shares.
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This news story has 7 comments:
If they release their 2012 financials, they would have to restate that one as soon as they release their corrected 2010 and 2011 financials. As much as people want to beat them up over this, it is a legitimate reason. Why they are taking so long to restate their prior year financials is another question and a more legitimate one. This last year's financial statement isn't a problem but merely a consequence of the real problem upstream that they cannot get their restatements done for some reason.
This is always the reason for the delay.
When companies fail to meet the reporting deadline, investors should dump, dump, dump. and dump some more. However, I would never short this situation, as one never knows the real cause or the extent of the coverup.
You have one hypothesis and it is plausable. Another equally plausible one would be that they found something else and that is causing a delay. A third possible reason could be that the audit is done but they don't want to release it until they receive their crop in for fear of a bad financial statement causing growers to deliver their crop elsewhere. Then there is a fourth reason - Rumsfeld's "Unknown unknowns".
It is fascinating how many people say dump/sell yet I didn't see analysts recommending a sell on this stock the entire time it was falling from $92 to $16.
I would really try to get the statements finished.
who could benafit from deceiving investors.???
is their actions a crime and can investors try to get them in jail?
http://nyti.ms/QZGZqC
As to who benefits, anybody whose bonus is tied to performance has an incentive to juice the numbers.
As far as being a crime and trying to get them into jail, you will probably have to wait for the justice department and SEC to finish their investigation and then see if charges are pressed. I don't expect the criminal case to unfold quickly though - almost certainly they would wait until the restatement as that would be used as evidence against them.