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Diamond Foods Shares Drop on Reports of Director Death
Wednesday, November 23, 10:47 AM ET

Diamond Foods (NASDAQ:DMND) shares are tumbling today on reports that one of its board members committed suicide.

Bloomberg reports that Diamond says there is no connection between the man's death and the board's ongoing investigation of the company's accounting.

Bloomberg noted that the director, Joseph Silveira, had been a director of the company since 2002, and was a member of its audit committee as of 2009.

CNBC reported late yesterday that the death was ruled a suicide, noting that Silveira had recused himself from the accounting investigation.

Diamond Foods said on November 1 that its acquisition of Pringles chips from Procter & Gamble (NYSE:PG) will be delayed until the first half of 2012.

The deal had been expected to close in December, but a probe into walnut accounting has pushed the transaction date back.

Diamond had said the chairman of the audit committee of its board of directors received an external communication regarding the company's accounting to certain crop payments to walnut growers, prompting the investigation.

The company announced the $2.35 billion acquisition in April.

The Pringles transaction, once it closes, is said to position Diamond Foods as the #2 snack maker in the world, behind PepsiCo (NYSE:PEP). The company began as a cooperative for selling walnuts, and has expanded by acquisition, acquiring Pop Secret from General Mills (NYSE:GIS) in 2008 and Kettle Foods in 2010 to add to its Diamond culinary nuts and Emerald Nuts brands.

For MarketNewsVideo.com, I'm Sayoko Murase.

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