Diamond Foods Securities Litigation

Result: Settlement valued at $127.3 million
Year: 2014

Lieff Cabraser served as local counsel for Lead Plaintiff Public Employees’ Retirement System of Mississippi (“MissPERS”) and the class of investors it represented in this securities class action lawsuit arising under the PSLRA.

The complaint charged Diamond Foods and certain senior executives of the company with violations of the Exchange Act for knowingly understating the cost of walnuts Diamond Foods purchased in order to inflate the price of Diamond Foods’ common stock.

In January 2014, the Court granted final approval of a settlement of the action requiring Diamond Foods to pay $11 million in cash and issue 4.45 million common shares worth $116.3 million on the date of final approval based on the stock’s closing price on that date.