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Accounting Probe

All articles tagged with #accounting probe

business1 year ago

Super Micro Stock Soars 30% After Fraud Inquiry Clears Management

Super Micro Computer (SMCI) announced that an independent committee found no evidence of fraud or misconduct following accounting allegations, leading to a significant rise in its stock price. The company's stock had previously suffered due to the allegations and the resignation of its accounting firm, Ernst & Young. Despite the recent surge, SMCI's stock remains below its 200-day average, although it had been performing well as a key player in the AI market before the allegations.

via Investor's Business Daily|
#accounting-probe#artificial-intelligence#business
business1 year ago

"ADM Delays Executive Bonuses Amid Accounting Probe"

Archer-Daniels-Midland Co (ADM) will postpone performance bonuses for some executives until completion of financial statements and audit amid an accounting probe focused on the nutrition segment, which had a significant impact on executive compensation. The investigation was prompted by a request for information from the U.S. Securities and Exchange Commission, leading to a 24% drop in ADM shares. The company has delayed the release of its full-year 2023 financial results and is reevaluating its executive compensation structure tied to operating profit growth of the Nutrition segment.

via Reuters|
#accounting-probe#adm#business
business1 year ago

ADM Faces Executive Bonus Postponement Amid Accounting Probe and Stock Plunge

Archer-Daniels-Midland Co will postpone performance bonuses for some executives until completion of its financial statements and audit amid an accounting probe focused on its nutrition segment, which had a significant impact on executive compensation. The investigation, prompted by a request for information from the U.S. Securities and Exchange Commission, led to the delay and the sidelining of the chief financial officer. The company's Compensation and Succession Committee had tied long-term executive compensation to the Nutrition segment's operating profit growth, resulting in significant payouts to executives.

via Yahoo Finance|
#accounting-probe#adm#business
business-finance2 years ago

"ADM Faces Crisis as CFO Placed on Leave Amid Accounting Probe"

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.

via Reuters|
#accounting-probe#adm#business-finance
business-finance2 years ago

ADM CFO Placed on Leave Amid Accounting Probe, Cuts Earnings Forecast

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.

via Yahoo Finance|
#accounting-probe#adm#business-finance
business2 years ago

ADM Places CFO on Leave, Trims Earnings Forecast Amid Probe

Archer Daniels Midland places CFO on leave amid an accounting probe related to the nutrition segment, appoints interim CFO, delays Q4 earnings release and annual report filing, withdraws guidance for the nutrition unit, and expects adjusted earnings for FY 2023 to be above $6.90/share, lower than the previous forecast, with the nutrition segment's operating income expected to fall more than 18%.

via Seeking Alpha|
#accounting-probe#adm#business