ADM - Why Archer-Daniels-Midland Stock Is Plunging Today
2024-01-22 11:37:01 ET
Agriculture commodity trader Archer-Daniels-Midland (NYSE: ADM) placed its chief financial officer on leave as part of an internal investigation into accounting practices. Investors are understandably concerned, sending shares of ADM down nearly 20% as of 10:30 ET Monday.
ADM is not typically in the spotlight. But the Chicago-based human and animal nutrition company is on investor radars for all the wrong reasons following a Sunday announcement that it had appointed Ismael Roig as interim chief financial officer.
The company said that Roig is stepping in because current CFO Vikram Luthar was put on administrative leave. The move is part of an investigation by outside counsel and the board's audit committee focused on the company's nutrition business.
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Why Archer-Daniels-Midland Stock Is Plunging Today