A class action suit against the Archer-Daniels-Midland Company (NYSE:ADM) was initiated on January 24, 2024. The plaintiffs allege that they bought the agricultural company’s stock at artificially inflated prices between April 30, 2020 and January 22, 2024. Investors who bought ADM stock during that period can learn about joining the lawsuit here: https://zlk.com/pslra-1/archer-daniels-midland-company-lawsuit-submission-form?wire=16.
The complaint stems from comments the company’s management made about its Nutrition segment, which produces, sells and distributes various ingredients and solutions. The defendants maintain that management repeatedly made untrue statements about, or omitted information about, the Nutrition segment’s performance. For example, the CEO stated in a 2020 earnings call that Nutrition could grow to represent 25% to 30% of ADM’s profits.
As per to the lawsuit, by knowingly or recklessly lying or withholding information about ADM’s practices and prospects, management caused ADM stock to trade at artificially inflated prices.
ADM stock currently has a Hold rating, according to analyst consensus.
