Archer-Daniels-Midland
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
The lawsuit alleges that over the past decade, Archer-Daniels-Midland (ADM) invested billions to expand its Nutrition business to offset commodity price volatility in its agricultural commodities trading. During the Class Period, the defendants are accused of making false and misleading statements, as well as concealing material facts regarding ADM’s Nutrition segment’s performance and accounting practices.
Specifically, the defendants portrayed the Nutrition segment as a future profit driver, downplaying its decline in 2023. They allegedly used improper accounting practices to inflate the segment’s growth and misrepresented its true financial results, including operating profits. These actions were driven by incentives tied to stock awards.
On January 21, 2024, ADM announced that its CFO was placed on leave due to an ongoing investigation into accounting practices related to the Nutrition segment, prompted by an SEC document request. ADM also delayed its earnings release and withdrew its outlook for the Nutrition segment. Consequently, ADM’s stock price fell by approximately 24%, erasing approximately $8.8 billion of market value, closing at $51.69 on January 22, 2024.
