Diamond Food's Stock Dives After Big Profit Restatement

Diamond Foods Kettle Chips

Photo: John Pastor via Flickr

Diamond Foods stock was at one point down more than -11 per cent in after-hours trading following a massive profit restatement.The company announced it was re-reporting financial results for fiscal years 2010 and 2011 on Wednesday, erasing $56.5 million in profit, according to Reuters.

“Clearly the results for the first three quarters of 2012 demonstrate that Diamond faced challenges,” said Brian Driscoll, Diamond’s chief executive officer.

(h/t @LongShortTrades and Herb Greenberg).

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