(Bloomberg) — Archer-Daniels-Midland Co., the US agricultural trader, said it has delayed the publication of its annual report and warned that it anticipates reporting a “material weakness” in the company’s internal financial reporting practices.
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The brief update is the first from ADM since it stunned investors and the commodities trading world in January with the announcement that it was placing Chief Financial Officer Vikram Luthar on administrative leave pending an internal probe. The US Attorney’s Office in Manhattan has launched an investigation into the accounting practices, people familiar with the matter said last month.
ADM’s internal investigation centers on accounting practices at its nutrition unit.
ADM said Friday it expects to file its Form 10-K by March 15, within the extension period allowed under US rules. It also said it doesn’t expect the accounting issues to impact “consolidated balance sheets, statements of earnings” and cash flows. The shares rose 1.9% to $54.13 as of 7:17 a.m. in New York in pre-market trading.
Read More: ADM Unit Being Probed Helped Make Leaders Over $70 Million (1)
(Updates with share price in fourth paragraph)
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