Vanessa Blum writes for The Recorder, an American Lawyer affiliate.

Investment advisers may think they’re better stock pickers than the average chimp, but that can’t be used by a company to defend against allegations of securities fraud, a federal judge ruled Monday.

U.S. District Judge William Alsup in San Francisco certified a securities class action against Diamond Foods Inc. in connection with the nut and snack food company’s botched bid to acquire Pringles in 2012.