Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Archer-Daniels-Midland Company (“ADM” or the “Company”) (NYSE: ADM) common stock between April 30, 2020 and January 22, 2024, inclusive (the “Class Period”). ADM investors have until March 25, 2024 to file a lead plaintiff motion.
Investors suffering losses on their ADM investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On January 21, 2024, the Company disclosed that the ADM Board of Directors decided to place the Company’s Chief Financial Officer and Senior Vice President, Vikram Luthar, on administrative leave effective immediately. The Company further disclosed that “Mr. Luthar’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 reporting segment, including as related to certain intersegment transactions.”
On this news, ADM’s stock price fell $16.50, or 24.2%, to close at $51.69 per share on January 22, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Nutrition segment’s financial reporting and accounting practices did not provide investors with an accurate impression of ADM’s performance and future prospects, including reported operating profits; (2) the Nutrition segment’s accounting practices created a heightened risk of regulatory scrutiny and adverse impacts to ADM’s business; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased ADM common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240131373821/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
