June 15, 2012 / 2:12 AM / 7 years ago

Diamond Foods notified by Nasdaq after missing restatement deadline

(Reuters) - Diamond Foods Inc DMND.O said it received a letter from the Nasdaq notifying the company that it had missed the deadline for filing its already-delayed quarterly reports, which could lead to a delisting from the stock exchange.

Last week, the snack food maker had said it would miss its June 11 deadline to file restated financial statements.

Diamond is in the process of preparing a restatement of its financial statements for fiscal 2010 and 2011 after an investigation uncovered improper accounting.

Diamond plans to request a hearing before a Nasdaq panel.

The Nasdaq informed the company that a hearing request will stay any delisting for an additional 15 days, or until July 5, unless Diamond requests that the stay be extended pending the hearing.

Diamond said it intends to request that the stay remain in effect pending the hearing, and during the period of the stay, it will work to finalize all of its delayed filings.

Diamond expects to appeal the Nasdaq staff’s determination no later than June 19, 2012, which is the deadline for an appeal.

The company also expects to request that Nasdaq grant it an extension of the time required to hold its annual meeting of stockholders, it said in a regulatory filing.

Shares of the company fell marginally to $18.43 after the bell on Thursday. They had closed at $18.64 on the Nasdaq. (Reporting by Chris Jonathan Peters in Bangalore; Editing by Joyjeet Das and Chris Gallagher)

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