ADM Delays Annual Report Amid Accounting Investigation, Shares Rise

Archer-Daniels-Midland Company announces delay in filing its annual report due to an ongoing investigation into its accounting practices, but shares increase in value.

ADM is unable to file its Annual Report for the fiscal year ended December 31, 2023, within the prescribed time period due to an investigation into certain accounting practices.
The company anticipates reporting a 'material weakness' in its internal financial reporting practices but does not expect a broad impact on overall earnings.
Shares of ADM rose in pre-market trading despite the announcement of the delay and the ongoing investigation.
The investigation centers on accounting practices at ADM's Nutrition unit, which has been under pressure due to weak demand for its products.
ADM expects to file its Annual Report by March 15, 2024, and is working on a plan to address the reported weaknesses.