ADM to reveal material weakness in its annual report by March 15
Archer-Daniels-Midland (ADM) said on Friday it expects to disclose a material weakness in its financial reporting controls within its annual report, which it seeks to file by March 15.
“The Company is working diligently to finalize its financial statements and currently intends to file its Annual Report on Form 10-K as soon as practicable by March 15, 2024, the end of the 15-day extension period,” it said in the press release.
In January, ADM took the step of placing its Chief Financial Officer, Vikram Luthar, on administrative leave as part of an investigation into the accounting methods employed within its Nutrition business unit.
As a result, the release of the food processing company’s Q4 earnings report was postponed.
To address the identified issues, ADM is in the process of formulating a corrective action plan aimed at refining its accounting practices, especially concerning transactions between its various business segments.
ADM shares rose over 1% in premarket trading.
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