The U.S. Justice Department is probing accounting practices at Archer Daniels Midland, ramping up pressure on the global commodities giant, Reuters’ Chris Prentice and Jody Godoy report, citing two people with direct knowledge of the matter. New York-listed shares of ADM‘s stock had dropped 24% on January 22 after the company disclosed the previous day that it had suspended its CFO amid an internal probe into accounting practices related to its Nutrition division, the publication notes. The company’s probe was prompted by a Securities and Exchange Commission inquiry, it said. In Monday afternoon trading, shares of ADM have dropped about 1.50% to $405.34.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on ADM:
- Ex-Dividend Date Nearing for These 10 Stocks – Week of February 5, 2024
- Archer Daniels initiated with a Neutral at Citi
- UBS Gives a Thumbs Down on Archer Daniels Midland Stock
- Early notable gainers among liquid option names on January 29th
- Archer Daniels delays some executive bonuses amid accounting probe, Reuters says