Particle.news
Download on the App Store
3 ARTICLES
·
last yr.

ADM Faces Class Action Lawsuit Over Securities Law Violations

The lawsuit alleges misleading statements and improper accounting practices, particularly in ADM's Nutrition segment, leading to significant stock price drop and market value loss.

Overview

  • A class action lawsuit has been filed against Archer-Daniels-Midland Company (ADM) for alleged violations of federal securities laws between April 30, 2020, and January 22, 2024.
  • ADM's CFO Vikram Luther was placed on leave amid an investigation into the company's accounting practices, particularly regarding its Nutrition segment.
  • The investigation was initiated in response to a voluntary document request by the SEC, leading to a delay in ADM's Q4 and FY 2023 earnings release and a withdrawal of its outlook for the Nutrition segment.
  • The news of the investigation and CFO's leave caused ADM's stock price to plummet, wiping out approximately $8.8 billion of the company's market value.
  • Investors with significant losses are urged to join the class action lawsuit or contact legal services for more information.