Investors Sue Archer Daniels Midland (ADM) After Placing CFO On Leave Amid Accounting Probe and SEC Investigation – Hagens Berman
SAN FRANCISCO, Feb. 16, 2024 (GLOBE NEWSWIRE) — Hagens Berman urges Archer Daniels Midland Co. 
ADM investors who suffered substantial losses to submit your losses now.
Class Period: Apr. 30, 2020 – Jan. 22, 2024
Lead Plaintiff Deadline: Mar. 25, 2024
Visit: www.hbsslaw.com/investor-fraud/adm
Contact An Attorney Now: ADM@hbsslaw.com
844-916-0895
Archer Daniels Midland Co. (ADM) Securities Fraud Class Action:
The litigation focuses on Archer Daniels’ statements about the performance of its Nutrition segment, a business the company poured billions of dollars into to protect against commodity price volatility in its legacy agricultural commodities trading business.
The complaint alleges Archer Daniels made misleading statements and concealed that: (1) the Nutrition segment's financial reporting and accounting practices did not provide investors with an accurate impression of the company’s performance and future prospects, including reported operating profits; (2) the Nutrition segment’s accounting practices created a heightened risk of regulatory scrutiny and adverse impacts to the company’s business; and (3) based on the foregoing, the defendants lacked a reasonable basis for their positive statements about the Nutrition segment and related financial results, growth, and prospects.
Investors began to learn the truth on Jan. 21, 2024, when Archer Daniels announced that it had placed CFO Vikram Luther on leave effective immediately. The company said that Luther’s “leave is pending an ongoing investigation being conducted by outside counsel for ADM and the Board’s Audit Committee regarding certain accounting practices and procedures with respect to ADM’s Nutrition segment, including as related to certain intersegment transactions.”
Archer Daniels also revealed that its investigation was initiated in response to its receipt of a voluntary document request by the SEC.
The company further stated that it is delaying its Q4 and FY 2023 earnings release and withdrew its outlook for the Nutrition segment.
This news sent the price of Archer Daniels shares crashing as much as $14.46 (or about 21%) lower during intraday trading on Jan. 22, 2024.
If you invested in Archer Daniels and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Archer Daniels case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Archer Daniels should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ADM@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
Reed Kathrein, 844-916-0895