Usman Shah
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Diamond Foods to Pay $11 million in settlement

Diamond Foods Inc. (NASDAQ: DMND) agreed to pay $11 million in cash for the law suit it faced when it backed out of the bid for Pringles chips in February. The company will also issue 4.45 million common shares to resolve claims of investors who had purchased the stock after the buying decision was made. They were to buy Pringles potato chip company for $2.4 billion but they didn't. Parts of the $11 million would be paid by Diamond's insurers, After the news the company's stock price hasn't been effected its up 16.47% to $22.28 per share.