Archer-Daniels-Midland Co. (ADM) accounting investigation - the errors are immaterial, but SEC and DOJ investigations continue
ADM corrected errors in intersegment sales as an immaterial revision, but SEC and DOJ investigations continue.
Archer-Daniels-Midland Co. (ADM) filed its delayed annual 10-K report on March 12, 2024, providing an update on the previously reported internal investigation into accounting for intersegment sales. The investigation was initiated following June 30, 2023 inquiries from the SEC.
From the 10-K filing:
On June 30, 2023, the Company received a voluntary document request from the SEC relating to intersegment sales between the Company’s Nutrition reporting segment and the Company’s Ag Services and Oilseeds and Carbohydrate Solutions reporting segments. The Company is cooperating with the SEC. Following the Company’s January 21, 2024 announcement of the Investigation, the Company received voluntary document requests from the DOJ focused primarily on the same subject matter, and the DOJ directed grand jury subpoenas to certain current and former Company employees. The Company is cooperating with the DOJ.…