Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until March 25, 2024 to file lead plaintiff applications in a securities class action lawsuit against Archer-Daniels-Midland Company (“ADM” or the “Company”) (NYSE: ADM), if they purchased the Company’s securities between April 30, 2020 and January 22, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of Illinois.
What You May Do
If you purchased securities of ADM and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-adm/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by March 25, 2024.
About the Lawsuit
ADM and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 21, 2024, the Company disclosed that its Chief Financial Officer had been placed on leave “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.” Further, its investigation was initiated in response to a voluntary document request by the SEC and as a result, the Company delayed its Q4 and FY 2023 earnings release and withdrew its outlook for its Nutrition segment.
On this news, the price of ADM’s shares fell $16.23 per share, or approximately 24%, from $68.19 per share to close at $51.69 on January 22, 2024, wiping out approximately $8.8 billion of ADM’s market value.
The case is Chow v. Archer-Daniels-Midland Company, et al., No. 24-cv-00634.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
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Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
