NEWTOWN, Pa., Jan. 25, 2024 (GLOBE NEWSWIRE) — Edelson Lechtzin LLP is investigating potential violations of the federal securities laws involving Archer-Daniels-Midland Company ADM resulting from allegations of Archer-Daniels-Midland providing potentially misleading business information to the investing public. On January 22, 2024, ADM shocked the market when it announced that it was delaying the release of its 2023 annual report on Form 10-K.
If you have non-public information that could assist in the ADM Investigation or if you are an ADM investor who suffered a loss and would like to learn more, you can provide your information HERE.
THE COMPANY: ADM is a food processing and commodities trading company based in Chicago. They have over 270 plants and 420 facilities where they make products used in food, beverages, nutraceuticals, and animal feed.
THE ALLEGED WRONGDOING: on January 22, 2024, ADM issued a press release announcing the immediate administrative leave of Vikram Luthar, the company’s Chief Financial Officer. This action was taken in response to an ongoing investigation by outside counsel for ADM and the Board’s Audit Committee, focusing on certain accounting practices and procedures within ADM’s Nutrition reporting segment, related specifically to intersegment transactions. An SEC voluntary document request prompted ADM’s investigation.
THE REVELATION: ADM disclosed that that it was delaying the release of its fourth-quarter and full-year 2023 financial results, as well as the filing of its 2023 annual report on Form 10-K. 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.
ABOUT EDELSON LECHTZIN LLP: Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices. For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so 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. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.