The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Archer-Daniels-Midland Company (ADM) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Archer-Daniels-Midland Company (“ADM” or the “Company”) (NYSE: ADM) common stock between April 30, 2020 and January 22, 2024, inclusive (the “Class Period”). ADM investors have until March 25, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

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.”

On this news, ADM’s stock price fell $16.50, or 24.2%, to close at $51.69 per share on January 22, 2024, thereby injuring investors.

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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If you purchased ADM common stock during the Class Period, you may move the Court no later than March 25, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased ADM common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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