Diamond Foods’ board sued over financial problems

The board of Diamond Foods Inc failed to properly oversee the snack food company, damaging its reputation and costing it the chance to buy rival Pringles, according to a shareholder lawsuit filed on Wednesday….

The accounting scandal also destroyed Diamond Foods’ proposed $2.35 billion acquisition of Pringles from The Procter & Gamble Co, according to court documents. The lawsuit by the Board of Trustees of City of Hialeah Employees’ Retirement System accused the board of misrepresenting the company’s financial condition. The plaintiffs did not specify a dollar amount for damages.

via Diamond Foods’ board sued over financial problems — Reuters