ADM Faces Securities Class Action Amid Accounting Probe

Archer Daniels Midland (ADM) is in hot water as it faces a securities class action after placing its CFO on leave amidst an accounting probe and SEC investigation. The company has identified and corrected certain intersegment sales that were not recorded at market value, leading to adjustments in past operating profits. ADM has acknowledged a "material weakness" in its internal control over financial reporting and is working on a remediation plan. The company remains committed to strong internal controls and is cooperating with the SEC and Department of Justice.