SAN FRANCISCO, CA / ACCESSWIRE / March 5, 2024 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Archer-Daniels-Midland Company ("ADM" or the "Company") (NYSE:ADM) who suffered losses from purchasing or otherwise acquiring ADM common stock between April 30, 2020 and January 22, 2024, inclusive (the "Class Period"), to contact us immediately regarding a pending securities fraud class action against ADM. The deadline to apply to be lead plaintiff is March 25, 2024.
Class Period: April 30, 2020 - January 22, 2024
Lead Plaintiff Motion Deadline: March 25, 2024
Case information:lieffcabraser.com/securities/adm
Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358
ADM, headquartered in Chicago, Illinois, is an agricultural supply chain manager and processor.
The action alleges that, throughout the Class Period, Defendants made false and/or misleading statements about the performance and prospects of ADM's Nutrition segment, while engaging in improper accounting practices and procedures that obscured the segment's true performance and purported growth.
On January 21, 2024, ADM announced that it had placed its CFO and Senior Vice President, defendant Vikram Luthar, on leave effective immediately. According to ADM, Luthar's "leave is pending an ongoing investigation being conducted by outside counsel for ADM and the Board's Audit Committee regarding certain accounting practices and procedures with respect to ADM's Nutrition segment, including as related to certain intersegment transactions." The Company also revealed that it launched its investigation after it received a request for documents from the Securities and Exchange Commission. As a result, ADM delayed its Q4 and FY 2023 earnings release and withdrew its outlook for the Nutrition segment. On this news, the price of ADM common stock plummeted $16.23 per share, or approximately 24%, from its closing price of $68.19 per share on the previous trading day, to close at $51.69 on January 22, 2024.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
Contact:
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
slee@lchb.com
SOURCE: Lieff Cabraser Heimann & Bernstein, LLP
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