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id: 1078, Created by Polina Foster, Scout
Archer-Daniels-Midland (ADM) Accounting Investigation Case
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30 Apr 2020Class period Start
22 Jan 2024Class period End
- $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.
Failure to Disclose,
Shock Event Date
22 January 2024
24 January 2024
Lead Plaintiff Deadline
25 March 2024
Hon. Thomas M. Durkin