Farm Progress America, January 30, 2024
Posted on January 30, 2024
Source: Farm Progress. The original article is posted here.
The shares fell January 22 and an investigation was launched into the accounting practices of the nutrition sector of the company.
In addition, the Chief Financial Officer Vikram Luthar was suspended for his accounting practices.
ADM is the second largest agriculture company in the world. The company made $101 billion in 2022.
The shares fell from $68.19 on Friday, January 19 to $51.69 a share on January 22.
It was the largest stock price decrease for the company since 1929.
The accounting practices irregularities caused the quarterly earnings report to be delayed.
For years, analysts have thought the company was under performing.
One area under investigation is the executive compensation in the nutrition division.
Shareholders are not happy with the stock falling and at least one person is seeking recourse in courts.
Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, a farm broadcaster and host of This Week in Agribusiness .
Clark County Feeders is a BQA Certified 655-acre feed yard and grain storage facility specializing in beef cattle custom feeding and grain purchase, storage and sales.
