Diamond Resorts delays release of results because of accounting questions
Diamond Resorts International Inc. said Monday that it will delay the release of second-quarter results, after the vacation destination company's independent accountant raised questions about accounting practices. The accountant, BDO USA, said Diamond Resorts may not have correctly applied the relative sales value inventory valuation model with it prepared its financial statements since 2014. Diamond Resorts was scheduled to report results on Monday. On Friday, the company agreed to be acquired by Apollo Global Management in a deal valued at $2.2 billion. "Based on our discussions with the company, we are confident this will not impact the timing of our acquisition on the terms previously announced," an Apollo management said in a statement. Diamond's stock, which is currently halted for news, had rallied 18% year to date through Friday, while the S&P 500 had gained 6.1%.
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