ADM CFO Suspended Amid SEC-Triggered Accounting Investigation

Company's stock price plummets as it delays financial results and cuts 2023 profit forecast

Archer-Daniels-Midland Co. (ADM) has placed its CFO, Vikram Luthar, on administrative leave amid an ongoing investigation into accounting practices within its nutrition business.
The investigation was initiated following a voluntary document request from the U.S. Securities and Exchange Commission (SEC).
ADM has also delayed its Q4 and full-year 2023 financial results and withdrawn its outlook for the Nutrition segment.
The company has cut its 2023 profit forecast and now expects to deliver more than $6.90 per share in adjusted earnings, down from its previous forecast of over $7 per share.
ADM's stock price has plunged by as much as 24%, marking its largest one-day percentage decline since 1929.