ADM Shares Rise Amid Accounting Probe Update and DOJ Subpoenas
Archer-Daniels-Midland announces financial adjustments and a $137 million impairment charge, while implementing a remediation plan to address accounting issues.
- ADM shares surged following an update on its accounting probe, revealing a 'material weakness' but no significant impact on earnings.
- The company revised intersegment sales for the past three years and disclosed a $137 million impairment charge related to its nutrition unit.
- ADM's board approved an additional $2 billion under its share buyback program through 2024.
- The Department of Justice issued subpoenas to certain ADM employees as part of the ongoing investigation.
- ADM is implementing a remediation plan to address the accounting issues, including enhancing internal controls and introducing a new enterprise resource planning system.
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