CHICAGO - Archer-Daniels-Midland Company (NYSE:ADM) has announced a revision to its projected full-year earnings per share, as the company faces an internal inquiry into the accounting practices of its Nutrition segment. Amidst this investigation, CFO Vikram Luthar has been placed on administrative leave. To fill the gap, Ismael Roig has stepped in as the interim CFO.
The ongoing inquiry has prompted the delay of the company's financial disclosures, casting a shadow over its fiscal transparency. In response to these developments, Archer-Daniels-Midland's stock has suffered a notable decline. Despite the uncertainty, market analysts maintain a Moderate Buy consensus on the company's shares, signaling a tempered optimism in its financial prospects.
As the situation unfolds, stakeholders are keeping a close watch on the company's next moves and the outcomes of the internal investigation. The appointment of Roig as interim CFO is seen as a stabilizing action during this period of scrutiny. Archer-Daniels-Midland has yet to disclose further details on the timeline for the resolution of the inquiry or the expected date for its financial reporting.
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