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.