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Diamond Foods Runs Afoul of NASDAQ Requirements for Second Time Since March-2011

|Includes: Diamond Foods, Inc. (DMND)
Did you know that yesterday's disclosure by Diamond Foods (NASDAQ: DMND) of noncompliance with NASDAQ listing requirements is the second time since Mar-11 that the company has made such a disclosure?  It's true. 

Yesterday's noncompliance event was related to an ongoing audit committee accounting investigation that caused DMND to be unable to timely file its 10-Q.  That places the company in violation of the requirement for continued listing under NASDAQ Listing Rule 5250(c)(1), which requires companies to file their periodic financial reports with the SEC on a timely basis.  But DMND also dealt with the issue of compliance with NASDAQ listing requirements earlier this year.

In Mar-11, the company received a letter from NASDAQ stating that it needed to fill the audit committee vacancy created by the departure of Dennis Mussell, a director and audit committee member who had recently retired.

The company claims it notified NASDAQ of its latest noncompliance event and it expects to receive a notice of deficiency from the NASDAQ Listing Qualifications Department.  Here is a link to DMND's Press Release.