US-based snack maker Diamond Foods faces a potential delisting from the Nasdaq exchange after it missed the stock market’s deadline of 11 May 2012 to report the financial statements of its three most recent fiscal quarters.
The company, which owns brands such as Emerald nuts, Pop Secret popcorn, and Kettle potato chips, failed to report its first, second and third quarters, which ended on 31 October 2011, 31 January 2012 and 30 April 2012 respectively.
The snack manufacturer said that it currently is in the process of restating its financial results for fiscal 2010 and 2011 after a probe revealed improper accounting.
Diamond Foods has indicated that it would appeal to any delisting action taken by Nasdaq and also plans to seek an extension to the condition under Nasdaq rules that it hold its annual shareholder meeting before 31 July 2012.
According to the company, it has made considerable progress on completing the restatement for the fiscal years 2010 and 2011 as well as the quarterly reports for the first three quarters of 2012, and plans to file its statements as soon as possible.