CHICAGO, Jan. 29,
2024 /PRNewswire/ -- Chicago-based DiCello Levitt LLP
announces that purchasers or acquirers of Archer-Daniels-Midland
Company ("ADM" or the "Company"– NYSE:ADM) common stock between
April 30, 2020 and January 22, 2024, inclusive (the "Class Period")
have until March 25, 2024, to seek
appointment as lead plaintiff of the ADM class action lawsuit,
which is pending in the Northern District of Illinois. The
lawsuit charges ADM and certain of its current and former senior
executive officers with violations of the Securities Exchange Act
of 1934.
If you purchased shares of ADM common stock between April 30, 2020 and January
22, 2024, and suffered substantial losses, and you wish to
serve as lead plaintiff in this lawsuit, you may submit your
information here: https://dicellolevitt.com/securities/ADM/.
You can also contact DiCello Levitt partner Brian O'Mara by calling (888) 287-9005 or at
investors@dicellolevitt.com.
No Class Has Been Certified. Until a class is certified,
you are not represented by counsel unless you retain one. You
may select counsel of your choice. You may also remain an
absent class member and do nothing at this point. An
investor's ability to share in any potential future recovery is not
dependent upon serving as lead plaintiff.
Allegations
ADM is an agricultural supply chain manager and processor that
operates through three main business segments: Ag Services and
Oilseeds, Carbohydrate Solutions, and Nutrition. Over the
past decade, ADM has spent billions of dollars trying to expand its
Nutrition business to protect against commodity price volatility in
its legacy agricultural commodities trading business. ADM's
string of investments in animal feed and pet nutrition did not meet
expectations, and leading up to the Class Period, ADM's Nutrition
segment was under increased pressure resulting from weak demand for
meat alternatives and other products as well as downtime at a large
soy processing facility.
Throughout the Class Period, Defendants are alleged
to have made false and/or misleading statements, as well as failed
to disclose material facts, about the performance and prospects of
ADM's Nutrition segment and its accounting practices causing the
price of ADM common stock to trade at artificially inflated levels
during the Class Period. Specifically, the ADM lawsuit
alleges that Defendants (i) made positive but false
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; and (ii) created the false impression that the Nutrition
segment's growth would provide more diversification and earnings
stability for ADM.
Unbeknownst to investors, however, the Nutrition segment's
growth metrics were inaccurate and the result of improper
accounting practices, and the Nutrition segment's accounting
practices misrepresented its true financial results and prospects,
including its operating profits.
On January 21, 2024, ADM shocked
the market when it announced that it had placed its chief financial
officer Vikram Luther on leave,
effective immediately and "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." The Company also revealed
that its investigation was initiated in response to its receipt of
a voluntary document request by the Securities Exchange Commission.
As a result, ADM delayed its fourth quarter and full fiscal
year 2023 earnings release and withdrew its outlook for the
Nutrition segment.
On this news, the price of ADM common stock declined by
$16.23 per share, or approximately
24%, from $68.19 per share to close
at $51.69 on January 22, 2024, erasing more than $8 billion of ADM's market cap, the Company's
largest one-day decline in almost 100 years.
About DiCello Levitt
At DiCello Levitt, we are dedicated to achieving justice for our
clients through class action, business-to-business, public client,
whistleblower, personal injury, civil and human rights, and mass
tort litigation. Our lawyers are highly respected for their
ability to litigate and win cases – whether by trial, settlement,
or otherwise – for people who have suffered harm, global
corporations that have sustained significant economic losses, and
public clients seeking to protect their citizens' rights and
interests. Every day, we put our reputations – and our
capital – on the line for our clients.
DiCello Levitt has achieved top recognition as 2023 Plaintiffs
Firm of the Year and 2023 Trial Innovation Firm of the Year by the
National Law Journal, in addition to its top-tier
Chambers and Benchmark ratings. For more information
about the Firm, including recent trial victories and case
resolutions, please visit www.dicellolevitt.com.
Attorney Advertising. Prior results do not guarantee a
similar outcome.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/dicello-levitt-llp-announces-investor-class-action-against-archer-daniels-midland-co-nyse-adm-and-upcoming-lead-plaintiff-deadline-302046292.html
SOURCE DiCello Levitt LLP