Description:Â A rare event occurred late on Wednesday in the deal world. Diamond Foods, the seller of Emerald snack nuts, announced it would restate its financial results for two years. It also placed its chief executive, Michael J. Mendes, and its chief financial officer, Steven M. Neil, on administrative leave.
Questions for discussion:
- Summarize the financial issues involved.
- What are the implications for the deal?
- How should investors respond to this information?
- Is there a strategic play here?