Diamond Foods, Inc.

The Diamonds Foods, Inc. case describes the company’s major balance sheet crisis in late 2011, triggered by a report from Off Wall Street, a leading short selling research firm. Diamond Foods, a fast growing company in 2011, has grown from a nut growers cooperative in 2005 to a brand name snack maker through a series of acquisitions. The accounting scandal, which included improper record keeping of walnut purchases, prompted Diamond to abandon its high-profile acquisition of Pringles, an investigation by the SEC and DOJ, the departure of the CEO and CFO, and the grounding. of a high-growth company. The case describes the history and growth of the company, the research and analysis work carried out by OWS, and enables students to understand the impact of the growth strategy on financial performance and valuation. Additionally, the case highlights the role of corporate boards and audit committees in managing strategic and financial reporting risks.

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