LOS ANGELES, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Archer-Daniels-Midland Company (NYSE: ADM) investors that a lawsuit was filed on behalf of investors that purchased Archer-Daniels-Midland securities between April 30, 2020 and January 22, 2024, inclusive.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The lawsuit alleges that over the past decade, Archer-Daniels-Midland (ADM) invested billions to expand its Nutrition business to offset commodity price volatility in its agricultural commodities trading. During the Class Period, the defendants are accused of making false and misleading statements, as well as concealing material facts regarding ADM's Nutrition segment's performance and accounting practices.
Specifically, the defendants portrayed the Nutrition segment as a future profit driver, downplaying its decline in 2023. They allegedly used improper accounting practices to inflate the segment's growth and misrepresented its true financial results, including operating profits. These actions were driven by incentives tied to stock awards.
On January 21, 2024, ADM announced that its CFO was placed on leave due to an ongoing investigation into accounting practices related to the Nutrition segment, prompted by an SEC document request. ADM also delayed its earnings release and withdrew its outlook for the Nutrition segment. Consequently, ADM's stock price fell by approximately 24%, erasing approximately $8.8 billion of market value, closing at $51.69 on January 22, 2024.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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