8legs: Archer-daniels-midland company

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ADM to pay $40 million in US SEC settlement, avoids criminal charges

ADM agrees to a $40 million civil penalty to settle SEC charges over intersegment accounting issues tied to its Nutrition unit, ending a long-running inquiry.
The DOJ closed its criminal probe without charges as part of the settlement, aligning with the SEC resolution.
Investigations spanned years, prompting multiple restatements of financial results and shareholder litigation.
ADM says it enhanced internal controls and amended policies as part of remedial measures cited by the SEC.
Former executives Vince Macciocchi and Ray Young were named in SEC action related to the case.
ADM’s CEO Juan Luciano asserted the company is pleased to put the matter behind them as part of the settlement.
The Nutrition unit, created in 2018, was central to the accounting scrutiny and restatements.
ADM cooperated with regulators, providing an internal review and analyses from an outside accounting expert.
The settlement focuses on intersegment transactions and reinforces ongoing reforms to internal controls at ADM.
Trading and market reaction showed ADM shares edging higher after-hours on the settlement news.

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