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SAN DIEGO--([ BUSINESS WIRE ])--Shareholder rights firm [ Robbins Umeda LLP ] is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Diamond Foods, Inc. (NASDAQ: DMND). Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at (800) 350-6003, [ gdelgaizo@robbinsumeda.com ], or via the [ shareholder information form ] on the firm's website.

Robbins Umeda LLP's investigation focuses on whether officials at Diamond Foods breached their fiduciary duties to shareholders, maintained woefully inadequate controls, and wasted corporate assets to the detriment of the company and investors. In particular, the firm is investigating allegations that officials at the company caused Diamond Foods to improperly misrepresent: (1) reported earnings and expenses incurred during fiscal year 2011; (2) fiscal year 2011 projected revenue and earnings and the timing thereof; and (3) the overall shareholder value of a proposed acquisition of The Procter & Gamble Company's ("P&G") Pringles business, purportedly scheduled to close in December 2011.

On November 1, 2011, Diamond Foods issued a press release disclosing that the Audit Committee of the Board of Directors was conducting an internal investigation into statements made by company officials related to "crop payments" afforded to walnut growers in September 2011, as well as the manner these payments were accounted by the company. Additionally, the press release contained the revelation that in light of this ongoing accounting investigation, the acquisition of P&G's Pringles business would be delayed until mid-2012.

Since these facts have emerged, Diamond Foods has increasing become the focus of costly public and legal scrutiny. Moreover, these events have also negatively impacted the company's business reputation and intrinsic value. After closing as high as $92.47 per share on September 20, 2011, shares of Diamond Foods closed on November 14, 2011, at just $35.11 per share.

Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to [ http://www.robbinsumeda.com ].

Press release link: [ http://www.robbinsumeda.com/shareholders-rights-blog/diamond-foods-inc/ ]

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