NEW YORK, Feb. 03, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Archer-Daniels-Midland Company (“ADM” or the “Company”) (NYSE: ADM). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether ADM and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until March 25, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired ADM securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On January 21, 2024, ADM announced that on January 19, 2024, the Company’s Board had “place[d] Vikram Luthar, the Company’s Chief Financial Officer and Senior Vice President, on administrative leave, effective immediately.” ADM stated that “Mr. Luthar’s leave is pending an ongoing investigation being conducted by outside counsel for the Company and the Board’s Audit Committee regarding certain accounting practices and procedures with respect to the Company’s Nutrition reporting segment, including as related to certain intersegment transactions” and that “[t]he investigation was initiated in response to the Company’s receipt of a voluntary document request by the Securities and Exchange Commission (the ‘SEC’).”
On this news, ADM’s stock price fell $16.50 per share, or 24.2%, to close at $51.69 per share on January 22, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
