CHICAGO, Jan. 29, 2024 /PRNewswire/ -- Chicago-based DiCello Levitt LLP announces that purchasers or acquirers of Archer-Daniels-Midland Company ("ADM" or the "Company"– NYSE:ADM) common stock between April 30, 2020 and January 22, 2024, inclusive (the "Class Period") have until March 25, 2024, to seek appointment as lead plaintiff of the ADM class action lawsuit, which is pending in the Northern District of Illinois.  The lawsuit charges ADM and certain of its current and former senior executive officers with violations of the Securities Exchange Act of 1934.

DiCello Levitt Side_by_Side (PRNewsfoto/DiCello Levitt LLP)

If you purchased shares of ADM common stock between April 30, 2020 and January 22, 2024, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, you may submit your information here: https://dicellolevitt.com/securities/ADM/.  You can also contact DiCello Levitt partner Brian O'Mara by calling (888) 287-9005 or at investors@dicellolevitt.com.

No Class Has Been Certified.  Until a class is certified, you are not represented by counsel unless you retain one.  You may select counsel of your choice.  You may also remain an absent class member and do nothing at this point.  An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Allegations

ADM is an agricultural supply chain manager and processor that operates through three main business segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition.  Over the past decade, ADM has spent billions of dollars trying to expand its Nutrition business to protect against commodity price volatility in its legacy agricultural commodities trading business.  ADM's string of investments in animal feed and pet nutrition did not meet expectations, and leading up to the Class Period, ADM's Nutrition segment was under increased pressure resulting from weak demand for meat alternatives and other products as well as downtime at a large soy processing facility.

Throughout the Class Period, Defendants are alleged to have made false and/or misleading statements, as well as failed to disclose material facts, about the performance and prospects of ADM's Nutrition segment and its accounting practices causing the price of ADM common stock to trade at artificially inflated levels during the Class Period.  Specifically, the ADM lawsuit alleges that Defendants (i) made positive but false statements about the Nutrition segment as a future profit-driver for the Company, with the ability to capitalize on healthier eating trends and rising consumer demand for natural ingredients and flavoring; and (ii) created the false impression that the Nutrition segment's growth would provide more diversification and earnings stability for ADM.

Unbeknownst to investors, however, the Nutrition segment's growth metrics were inaccurate and the result of improper accounting practices, and the Nutrition segment's accounting practices misrepresented its true financial results and prospects, including its operating profits.

On January 21, 2024, ADM shocked the market when it announced that it had placed its chief financial officer Vikram Luther on leave, effective immediately and "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 segment, including as related to certain intersegment transactions."  The Company also revealed that its investigation was initiated in response to its receipt of a voluntary document request by the Securities Exchange Commission.  As a result, ADM delayed its fourth quarter and full fiscal year 2023 earnings release and withdrew its outlook for the Nutrition segment.

On this news, the price of ADM common stock declined by $16.23 per share, or approximately 24%, from $68.19 per share to close at $51.69 on January 22, 2024, erasing more than $8 billion of ADM's market cap, the Company's largest one-day decline in almost 100 years.

About DiCello Levitt

At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation.  Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens' rights and interests.  Every day, we put our reputations – and our capital – on the line for our clients.

DiCello Levitt has achieved top recognition as 2023 Plaintiffs Firm of the Year and 2023 Trial Innovation Firm of the Year by the National Law Journal, in addition to its top-tier Chambers and Benchmark ratings. For more information about the Firm, including recent trial victories and case resolutions, please visit www.dicellolevitt.com.

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SOURCE DiCello Levitt LLP

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