|April 30, 2020 to January 22, 2024
|Lead Plaintiff Motion Deadline
|March 25, 2024
On January 21, 2024, the Company disclosed that the ADM Board of Directors decided to place the Company’s Chief Financial Officer and Senior Vice President, Vikram Luthar, on administrative leave effective immediately. The Company further disclosed that “Mr. 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 reporting segment, including as related to certain intersegment transactions.”
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Nutrition segment’s financial reporting and accounting practices did not provide investors with an accurate impression of ADM’s performance and future prospects, including reported operating profits; (2) the Nutrition segment’s accounting practices created a heightened risk of regulatory scrutiny and adverse impacts to ADM’s business; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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