Class Action Lawsuits Filed Against ADM for Alleged Securities Fraud

Investors seek recovery following significant stock price drop due to investigation into accounting practices.

A series of class action lawsuits have been filed against Archer-Daniels-Midland Company (ADM) for alleged securities fraud and misleading accounting practices.
The lawsuits cover investors who purchased ADM securities between April 30, 2020, and January 22, 2024, with a lead plaintiff deadline set for March 25, 2024.
ADM's CFO Vikram Luthar was placed on administrative leave due to an ongoing investigation into the company's accounting practices, particularly in 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 withdrawal of its outlook for the Nutrition segment.
Following the announcement, ADM's stock price fell significantly, wiping out approximately $8.8 billion of the company's market value.