Saturday, July 12, 2014





SEC reaches settlement with Diamond Foods


January 09. 2014 2:36PM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) The Securities and Exchange Commission has charged Diamond Foods and two of its former executives for their roles in an accounting scheme to falsify walnut costs in order to boost earnings for the snack food maker.


Diamond Foods will pay $5 million to settle the charges. Former CEO Michael Mendes has also agreed to settle charges against him. But the SEC said Thursday that its litigation continues against former Chief Financial Officer Steven Neil.


The SEC says Neil directed the effort to underreport money paid to walnut growers by pushing the recording of payments into later fiscal periods. That, in turn, made the company's earnings results appear better than they were.


Diamond later restated its financial results to reflect the true costs, but the scandal severely damaged its stock price.


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds