NEW YORK, May 23, 2024 (GLOBE NEWSWIRE) — 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
