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ADM says employees received DOJ subpoenas amid probe over accounting practices

ADM said some sales between business units within the company were not recorded at amounts approximating market value and corrected certain segment-specific financial information for previous financial statements from 2018 to 2023. Reuters reported FBI agents delivered subpoenas to company employees in Illinois last week. The investigations have brought more uncertainty to ADM's nutrition segment, which has struggled to meet lofty revenue targets and faces slowing demand for meat alternatives and supply chain problems. ....

United States , Vikram Luthar , Sourasis Bose , Shilpi Majumdar , Karl Plume , Bill Berkrot , Accounting Practices , Company Employees , Internal Investigation , Grand Jury Subpoenas , Nutrition Segment ,

Accounting probe hits ADM as crop glut, lower margins point to tough 2024

An investigation into accounting practices in Archer-Daniels-Midland's Nutrition segment could not come at a worse time for the company as sinking crop prices look set to erode profit for its core grain trading and processing businesses this year. The recovery in the business segment that generated about 11% of profit for ADM in 2022 would have helped cushion the blow from thinning margins in soybean crushing and ethanol, and from lower crop prices as global supplies of corn and soy rise, analysts said. "It is now uncertain whether Nutrition operating profits will return to (year-over-year) growth in 2024," said Arun Sundaram, senior equity analyst at CFRA Research. ....

United States , Chris Reese , Arun Sundaram , David Gaffen , Vikram Luthar , Seth Goldstein , Exchange Commission , Security Prices , Revela Foods , United Kingdom Based , Karl Plume , Nutrition Segment , Accounting Practices , Nutrition Unit ,