By Karl Plume and Ana Mano (Reuters) – Grain trader Archer-Daniels-Midland said on Monday that Chief Financial Officer Vikram Luthar will resign from his role effective Sept. 30. Luthar is the highest-level executive to leave the firm since it disclosed accounting issues within its Nutrition division that later triggered two government investigations and forced it […]
(Bloomberg) — Archer-Daniels-Midland Co. revised its intersegment sales for the last three years following an internal probe into its financial reporting and disclosed a $137 million impairment charge related to its animal nutrition unit. The shares rose in early trading. Most Read from Bloomberg Operating profits and intersegment revenues at its nutrition business were adjusted […]
(Reuters) — Global grains merchant Archer-Daniels-Midland said on Tuesday some of its employees have received subpoenas from the Department of Justice amid an ongoing investigation over its accounting practices. Shares of ADM rose almost 2% in premarket trading. The investigations have brought more uncertainty to ADM’s high-margin nutrition segment, which has struggled to meet lofty […]
(Bloomberg) — Archer-Daniels-Midland Co., the US agricultural trader, said it has delayed the publication of its annual report and warned that it anticipates reporting a “material weakness” in the company’s internal financial reporting practices. Most Read from Bloomberg The brief update is the first from ADM since it stunned investors and the commodities trading world […]
(Reuters) -Grain trader Archer-Daniels-Midland said on Friday it was expecting to report material weakness in the internal control over financial reporting in its annual report, which it aims to file by March 15. The company’s finance chief Vikram Luthar was placed on administrative leave in January amid a probe over its accounting practices at its […]
(Bloomberg) — The US Attorney’s Office in Manhattan has launched an investigation into the accounting practices at Archer-Daniels-Midland Co., according to people with direct knowledge of the matter. The probe is focused on the company’s nutrition business, said the people, who asked not to be named discussing confidential information. Shares of the crop trader fell […]
By P.J. Huffstutter CHICAGO (Reuters) – Global grains merchant Archer-Daniels-Midland Co on Wednesday closed on its purchase of Fuerst Day Lawson Ltd (FDL), a U.K.-based company that develops flavors and produces specialty ingredients for food-service customers in Europe, an ADM spokesperson told Reuters. The deal, announced in December, is the latest move by ADM to […]
By Chris Prentice and Karl Plume NEW YORK (Reuters) – Archer-Daniels-Midland Co will delay paying performance bonuses to some executives until its financial statements are completed and audited, according to a staff memo seen by Reuters. The delay, detailed in a memo sent to staff on Thursday, comes days after ADM sidelined its chief financial […]
(Bloomberg) — The division of Archer-Daniels-Midland Co. that’s under investigation for its accounting practices is responsible for less than 10% of the crop giant’s revenue. Yet it has had an outsized influence on recent executive bonuses, records show. Most Read from Bloomberg ADM’s board in 2020 and 2021 staked a considerable share of senior executives’ […]
(Updates shares, adds details about investigation in paragraph 12) By Karl Plume CHICAGO, Jan 23 (Reuters) – 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. […]
(Bloomberg) — On a recent flying visit to Archer-Daniels—Midland’s European base, the company’s Chief Financial Officer Vikram Luthar had a pessimistic message to deliver. Most Read from Bloomberg Speaking to employees in Rolle, a small Swiss town on the shore of Lake Geneva, Luthar said operating costs across the company were continuing to go up […]
(Bloomberg) — Archer-Daniels-Midland Co. plunged after the US agricultural trading giant suspended its chief financial officer and cut its earnings outlook pending an investigation into its accounting practices. Most Read from Bloomberg The shares tumbled as much as 18% in New York on Monday, the biggest intraday slump since 2005. The Chicago-based company said Sunday […]