Good morning. Notable accounting errors and a federal investigation have kept the U.S. agricultural giant Archer-Daniels-Midland Co. (ADM) in the spotlight for most of this year. Now more financial mismanagement has caused ADM to abruptly postpone its third-quarter earnings call that was scheduled for Tuesday.
The company announced on Monday that while testing internal controls, it identified additional misclassified transaction sales for each of its Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition segments. Following a dialogue with the U.S. Securities and Exchange Commission (SEC), ADM will amend its Q1 and Q2 2024 and 2023 financial statements. Its stock price fell by 8% at market opening on Tuesday and down about 6% at market close.
