NEW
YORK, May 3, 2024 /PRNewswire/ -- Moore
Law, PLLC, a securities and shareholder law firm located on
Wall Street, is investigating potential claims against:
- Archer-Daniels-Midland Company ("ADM" or "the Company")
(NYSE: ADM)
*please contact fletcher@fmoorelaw.com if shares
purchased before April 30, 2020
The investigation concerns allegations of false and/or
misleading statements, as well as a failure to disclose material
facts, about the performance and prospects of ADM's Nutrition
segment and its accounting practices. Specifically, positive
statements about the Nutrition segment as a future profit-driver
for the Company with the ability to capitalize on healthier eating
trends and rising consumer demand for natural ingredients and
flavoring.
Unbeknownst to investors, the Nutrition segment's growth was
inaccurate and subject to improper accounting practices.
As ADM acquired companies to expand its capabilities in
Nutrition, investors were under the impression that the segment was
growing rapidly. As alleged, accounting practices for
the segment misrepresented its true financial results and
prospects, including its operating profits. Certain officers and
directors were incentivized to create the appearance of a
diversified business by inflating the performance of the Nutrition
segment, and were further incentivized by stock awards that were
directly tied to the performance of the Nutrition segment from 2020
to 2022.
On January 21, 2024, ADM announced
that it had placed its CFO Vikram
Luther on leave effective immediately. The Company said that
Luther's "leave is pending an ongoing investigation being conducted
by outside counsel for ADM and the Board's Audit Committee
regarding certain accounting practices and procedures with respect
to ADM's Nutrition segment, including as related to certain
intersegment transactions."
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ABOUT MOORE LAW PLLC
Moore Law is a litigation law firm for investors seeking to
enforce their rights. We hold officers and directors accountable
for breaches of fiduciary duty, fraud, insider
trading, wasteful spending, and other corporate malfeasance. We
strengthen corporate governance reforms to better protect your
investments.
Fletcher Moore, Esq.
Moore Law, PLLC
fletcher@fmoorelaw.com
(212) 709-8245
www.fmoorelaw.com
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