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ADM.US
id: 1078
Archer-Daniels-Midland (ADM) Accounting Investigation Case
N.D. Illinois
Court1:24-cv-00634
Case number30 Apr 2020
Class period Start22 Jan 2024
Class period End25 Mar 2024
Lead Plaintiff motion deadline- $ADM stockholder filed a claim vs. Archer-Daniels-Midland for overstating the true potential of its Nutrition business.
- The news about the CFO's leave and investigation caused $ADM to fall 24%, losing $8.8B in shareholder value.
On January 21, 2024, ADM placed its CFO on immediate leave pending an investigation into certain accounting practices within the Nutrition segment.
The investigation, prompted by the SEC document request, resulted in the delay of Q4 and FY 2023 earnings release and the withdrawal of the Nutrition segment's outlook.
Following the news, $ADM fell by 24% and lost over $8.8 billion of its market cap, seriously damaging investors.
Based on these events, $ADM stockholder filed a claim against ADM and its leaders:
- ADM is accused of misleading about the Nutrition segment's potential as a profit driver.
- They also conveyed the impression that the segment's growth would bring diversification and earnings stability for ADM.
Considering all the representations, investors have reasons to suspect ADM misleading them about the performance and potential of their Nutrition segment.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
22 January 2024
Filing date
24 January 2024
Lead Plaintiff Deadline
25 March 2024
Judge
Hon. Thomas M. Durkin