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Accounting Practices

All articles tagged with #accounting practices

business-law1 year ago•3 min saved

ADM Faces US Justice Department Probe Over Ethanol Trading and Accounting Irregularities

The US Justice Department is investigating Archer-Daniels-Midland's (ADM) ethanol trading operation as part of a broader probe into the company's accounting practices, focusing on whether ADM improperly accounted for hedges in its ethanol trading unit. This additional scrutiny comes after ADM confirmed a separate investigation into its Nutrition unit and disclosed that it had overstated the Nutrition unit's operating profit in its financial statements. ADM shares have dropped about 15% since the firm disclosed in late January that it had suspended its chief financial officer and was delaying financial results amid an internal probe.

via Reuters|

#accounting-practices #adm #business-law

business1 year ago•2 min saved

ADM Faces DOJ Subpoenas and Accounting Probe Revelations

Archer-Daniels-Midland (ADM) disclosed that some employees have received subpoenas from the Department of Justice amid an ongoing investigation over its accounting practices, as the company reported a lower-than-expected fourth-quarter profit. The investigation relates to accounting issues within its Nutrition unit, leading to adjustments in previous financial statements. The company also faces a voluntary document request from the Securities and Exchange Commission. ADM's shares were up 2.4% in premarket trade, and it announced an additional $2 billion in share repurchases. The company expects lower earnings for 2024 due to lower margins and higher costs, and plans to implement worldwide enhancements to its internal controls.

via Yahoo Finance|

#accounting-practices #adm #business

business1 year ago•2 min saved

"DOJ Investigates ADM's Accounting Practices Amid Investor Concerns"

The US Department of Justice has initiated an investigation into Archer-Daniels-Midland Co.'s accounting practices, specifically focusing on its nutrition business. This comes after the company suspended its CFO and revised its earnings outlook due to an external inquiry into its accounting practices. The probe, prompted by a SEC request, has led to concerns about potential legal consequences and has raised questions about the company's reporting procedures. ADM's expansion into the nutrition business, aimed at reducing dependence on agricultural commodities trading, has faced challenges, impacting the company's stock value and investor confidence.

via Yahoo Finance|

#accounting-practices #archer-daniels-midland-co #business

business-legal2 years ago•1 min saved

"ADM Shareholder Files Fraud Lawsuit Against Company Executives"

An Archer-Daniels-Midland shareholder has filed a class action lawsuit alleging that the company lied about the profitability of its nutrition segment, leading to a 24% stock plunge after news of a securities regulator's investigation into accounting practices. The lawsuit claims that executive stock awards incentivized false statements to investors and seeks damages for investors who bought ADM stock between April 30, 2020 and the date of the stock drop. ADM has stated it is cooperating with the regulator's investigation and has delayed releasing fourth-quarter results and its annual report.

via Yahoo Finance|

#accounting-practices #adm #business-legal

business-legal2 years ago•1 min saved

"ADM Shareholder Lawsuits Expose Fraud and Accounting Scandals"

via Yahoo Finance|

#accounting-practices #adm #business-legal

business2 years ago•2 min saved

"ADM Shares Plummet 24% as CFO Faces Probe"

Archer-Daniels-Midland (ADM) shares plummeted 24% after placing its CFO on leave amid an investigation into accounting practices at its Nutrition segment, leading to a cut in its 2023 profit forecast and a delay in fourth-quarter results. The SEC requested documents related to certain inter-segment transactions, adding uncertainty to ADM's struggling Nutrition segment. The company's stock closed at its lowest since February 2021, and at least four brokerages downgraded it. ADM is cooperating with the SEC, and until more clarity is provided, traders may turn to shares of Darling Ingredients and Bunge Global.

via CNBC|

#accounting-practices #adm #business

business2 years ago•5 min saved

"ADM's Struggle: Restoring Trust Amid Probe and Accounting Errors"

Archer-Daniels-Midland (ADM) is facing challenges in expanding beyond its legacy agricultural commodities trading business, with its CFO Vikram Luthar recently placed on administrative leave pending an investigation into accounting practices at the nutrition unit. The company's attempt to diversify into the nutrition business has faced setbacks, leading to a slashed profit target and a 24% plunge in its shares. The scandal has raised concerns about the company's leadership and future direction, as it grapples with declining earnings in its core crop trading business and struggles to meet its 2023 profit target.

via Yahoo Finance|

#accounting-practices #adm #business

business2 years ago•5 min saved

Questionable Profit Figures: Unraveling Trump's Accounting Discrepancies

Documents revealed in a lawsuit against Donald Trump's business, the Trump Organization, suggest potential accounting inconsistencies or fraud. A Deutsche Bank credit report raises questions about whether the organization deceived its lender about the profitability of its Miami golf resort and Washington, D.C. hotel. Discrepancies in revenue and net operating income figures between tax documents and Deutsche Bank's credit report have been observed, with the latter showing higher profits. The Trump Organization's chief legal officer claims the figures came from different calculations, but the strange bookkeeping practices and inclusion of interest expenses in net operating income raise concerns. These discrepancies could have implications for the financial covenants made with Deutsche Bank, potentially violating them.

via Forbes|

#accounting-practices #business #deutsche-bank

business2 years ago•1 min saved

Deloitte's Resignation as Adani Ports Auditor Raises Questions

Deloitte Haskins & Sells has resigned as the statutory auditor of Adani Ports & Special Economic Zone amid concerns over certain transactions, including one with an EPC contractor named in the Hindenburg report. Deloitte issued a "qualified opinion" on Adani Ports' FY23 results due to the company's refusal to conduct an independent external examination. Adani Ports has replaced Deloitte with MSKA & Associates as its new auditor. The resignation has raised fresh scrutiny of the accounting practices at the Adani Group, which had previously replaced Deloitte as the auditor of its UK subsidiaries.

via IndiaTimes|

#accounting-practices #adani-ports #auditor-resignation