ADM CFO Placed on Leave Amid Accounting Probe, Cuts Earnings Forecast
TL;DR Summary
Archer-Daniels-Midland Co. places CFO on leave and cuts earnings forecast amid investigation into accounting practices, causing shares to drop as much as 16% in premarket trading. The probe, in response to a voluntary document request by the SEC, focuses on certain practices and procedures within the company’s nutrition reporting segment. ADM is withdrawing its outlook for the nutrition unit and expects to delay its fourth-quarter and full-year earnings release, while also expecting adjusted earnings per share for the year ended Dec. 31 to be above $6.90.
- ADM Places CFO on Leave, Cuts Earnings Forecast Amid Probe Yahoo Finance
- ADM Puts CFO on Leave as Farm Giant Probes Accounting The Wall Street Journal
- ADM stock plunges as it investigates accounting, misses profit expectations MarketWatch
- Accounting investigation under way at ADM and its top financial executive has been placed on leave Yahoo Finance
- ADM places CFO on leave amid accounting probe, trims FY 2023 earnings guidance (NYSE:ADM) Seeking Alpha
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