Adrian JohnsonTLDR:
- ADM corrected financial statements due to ongoing investigation into accounting practices.
- The company reported a profit of $6.43 per share for the full year.
Archer-Daniels-Midland (ADM) corrected parts of previous financial statements amid an ongoing investigation over its accounting practices. The company reported a profit of $6.43 per share for the full year, after an investigation into accounting practices at the company’s nutrition division delayed the release of its financial results for nearly two months. The company had cut its 2023 profit forecast in January, pulled its forward-looking outlook for nutrition, announced an internal investigation, and put finance chief Vikram Luthar on administrative leave.
“The Department of Justice (DOJ) directed grand jury subpoenas to certain current and former company employees. The company is cooperating with the DOJ,” ADM said in a filing. The investigation covers the period between January 2018 and September 2023. Shares of ADM fell 2% in premarket trading.
Overall, ADM’s correction of financial statements and ongoing investigation highlight potential issues with its accounting practices, leading to a drop in share prices as the company works to address the situation.
