NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF continues its investigation into Archer-Daniels-Midland Company (“ADM” or the “Company”) (NYSE: ADM).
On January 21, 2024, the Company disclosed that its Chief Financial Officer had been placed on leave “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.” Further, its investigation was initiated in response to a voluntary document request by the SEC and as a result, the Company delayed its Q4 and FY 2023 earnings release and withdrew its outlook for its Nutrition segment. Subsequently, the Company revised six year of financial statements related to its Nutrition segment. Then, on February 5, 2024, the Company disclosed that the U.S. Department of Justice (“DOJ”) initiated a criminal probe into the Company’s accounting practices and the DOJ directed grand jury subpoenas to certain current and former employees.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws, which remains ongoing. Recently, the Company disclosed cuts to its 2024 profit outlook, and amend its prior financial statements due to the discovery of additional accounting irregularities.
KSF’s investigation is focusing on whether ADM’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of ADM shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit us at https://www.ksfcounsel.com/cases/nyse-adm/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago and New Jersey.
To learn more about KSF, you may visit ksfcounsel.com.
