NEW ORLEANS, March 12, 2024 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until March 25, 2024 to file lead plaintiff applications in a securities class action lawsuit against Archer-Daniels-Midland Company (“ADM” or the “Company”) (NYSE: ADM), if they purchased the Company’s securities between April 30, 2020 and January 22, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of Illinois.
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ADM investors should visit us at https://claimsfiler.com/cases/nyse-adm/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
ADM and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
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.
On this news, the price of ADM’s shares fell $16.23 per share, or approximately 24%, from $68.19 per share to close at $51.69 on January 22, 2024, wiping out approximately $8.8 billion of ADM’s market value.
The case is Chow v. Archer-Daniels-Midland Company, et al., No. 24-cv-00634.
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