"ADM Faces Crisis as CFO Placed on Leave Amid Accounting Probe"
TL;DR Summary
Archer-Daniels-Midland (ADM) shares plummeted 22% as the company launched an accounting probe into its Nutrition segment, leading to the CFO being placed on leave and a cut in its 2023 profit forecast. The investigation, prompted by a voluntary document request from the SEC, has raised concerns about the segment's performance amid weak demand for meat alternatives and other products. The company's stock hit its lowest level since February 2021, and at least four brokerages downgraded ADM's stock following the news.
- ADM shares dive 22% as accounting probe launched, CFO placed on leave Reuters
- ADM Plunges After Placing Its CFO on Leave During Accounting Probe Yahoo Finance
- ADM accounting investigation thrusts agricultural trader into the spotlight Financial Times
- Commodity Giant ADM Must Act Fast to Restore Trust Bloomberg
- ADM Places CFO on Leave, Cuts Profit Outlook on Probe Yahoo Finance
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