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Litigation

Jan. 11, 2014

San Francisco company pays $5 million to settle SEC fraud suit

Diamond Foods Inc. agreed to resolve claims it defrauded shareholders by manipulating payments for walnuts, the Securities and Exchange Commission announced Thursday.


By Fiona Smith


Daily Journal Staff Writer


SAN FRANCISCO - Diamond Foods Inc. agreed to pay $5 million to settle charges it defrauded shareholders by manipulating payments for walnuts, the Securities and Exchange Commission announced Thursday.


The commission also settled negligence claims against Michael Mendes, the San Francisco-based company's former CEO, after alleging he should have caught the problem.


Mendes denied any wron...

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