Diamond Food's Stock Dives After Big Profit Restatement

Diamond Foods stock was at one point down more than -11 percent in after-hours trading following a massive profit restatement.

The company announced it was re-reporting financial results for fiscal years 2010 and 2011 on Wednesday, erasing $56.5 million in profit, according to Reuters.

"Clearly the results for the first three quarters of 2012 demonstrate that Diamond faced challenges," said Brian Driscoll, Diamond's chief executive officer.

(h/t @LongShortTrades and Herb Greenberg).

• Astronomers Have Spotted The Closest Ever Planet Floating Without A Star
  
• Jon Stewart Rips Attempted Secessionists And CEOs For Whining About Obama's Re-Election
  
• Beautiful Twins At Center Of Petraeus Scandal Schmoozed With Elite And Racked Up Millions In Debts