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Stock impact report

SEC sues ex-ADM CFO, alleges accounting fraud [Yahoo! Finance]

Archer-Daniels-Midland Company (ADM) 
Last archer-daniels-midland company earnings: 4/29 04:05 pm Check Earnings Report
US:NYSE Investor Relations: adm.com/contact-us/investor-relations
Company Research Source: Yahoo! Finance
The Securities and Exchange Commission filed a lawsuit Tuesday against Archer-Daniels-Midland's former CFO Vikram Luthar, alleging he materially inflated the performance of the company's key Nutrition business segment when it was falling short of operating profit targets in fiscal years 2021 and 2022. Luthar did so by directing retroactive “adjustments” in the form of rebates to make it appear as if it was meeting its goals, according to a release. “In short, when financial circumstances made it difficult for Nutrition to meet its growth target, Luthar used ADM's other business segments as Nutrition's piggybank to close the shortfall, and misled investors into believing Nutrition's growth was solely the result of normal operations and market factors,” according to the SEC's complaint filed in U.S. District Court in the Northern District of Illinois Eastern Division. Luthar's attorney, Junaid Zubairi, called the SEC's allegations against Luthar “meritless” and asserted that the SE Show less Read more
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