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ADM Faces US Justice Department Probe Over Ethanol Trading and Accounting Irregularities

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Source: Reuters
ADM Faces US Justice Department Probe Over Ethanol Trading and Accounting Irregularities
Photo: Reuters
TL;DR

The US Justice Department is investigating Archer-Daniels-Midland's (ADM) ethanol trading operation as part of a broader probe into the company's accounting practices, focusing on whether ADM improperly accounted for hedges in its ethanol trading unit. This additional scrutiny comes after ADM confirmed a separate investigation into its Nutrition unit and disclosed that it had overstated the Nutrition unit's operating profit in its financial statements. ADM shares have dropped about 15% since the firm disclosed in late January that it had suspended its chief financial officer and was delaying financial results amid an internal probe.

Topics:businessbusiness-law#accounting-practices#adm#business-law#ethanol-trading#investigation#us-justice-department
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  1. Exclusive: US Justice Department probes ADM's ethanol trading desk, sources say  Reuters
  2. ADM Discloses Justice Department Probe Into Accounting  The Wall Street Journal
  3. Archer Daniels Midland (NYSE:ADM) Rises despite Overstated Profits - TipRanks.com  TipRanks
  4. ADM Rises After Revising Years of Internal Unit Sales  Yahoo Finance
  5. ADM accounting probe reveals nutrition profits overstated up to 10%  Financial Times

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