ADM Restates Earnings in Latest Step to Fix Accounting Issues

Bloomberg11-19

(Bloomberg) -- Archer-Daniels-Midland Co. restated previous earnings, after earlier this month identifying new accounting errors, in a key step to regain investor confidence. Consolidated results for ...

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The restatements, which ADM said would be necessary when the accounting errors were announced, corrected figures for transactions within and between ADM’s businesses.The move by ADM follows an accounting scandal that has since January wiped out billions of dollars in market value and drawn investigations by the Department of Justice and Securities & Exchange Commission. ADM has since replaced its chief financial officer, appointed AT&T Inc.’s top lawyer to its board and implemented new controls as part of efforts to restore credibility. The company also released third-quarter earnings that were consistent with a preliminary report released earlier this month.©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484760938"}