Posted 3/12/2024, 12:58:44 PM
ADM Receives DOJ Subpoenas, Takes Charges Amid Accounting Probe Into Inter-Segment Sales
- ADM says some employees received DOJ subpoenas amid accounting probe
- Issue relates to inter-segment sales not recorded at market value; corrections made to 2018-2023 statements
- Accounting issues prompted SEC document request in June, launching internal probe
- Nutrition unit took $137M charge, faces slowing demand, supply issues
- ADM forecasts lower 2024 earnings outlook amid lower margins, higher costs
