(Reuters) – Grain dealer Archer-Daniels-Midland mentioned on Friday it expects to report materials weak spot within the inner management over monetary reporting in its annual report, which it goals to file by March 15.
Shares of the corporate fell 2% earlier than the bell.
The corporate’s finance chief Vikram Luthar was positioned on administrative go away in January amid a probe over its accounting practices at its Vitamin section. It had additionally delayed reporting its fourth-quarter outcomes.
ADM mentioned it was creating a remedial plan to handle the weak spot associated to its accounting practices and procedures for intersegment gross sales.
(Reporting by Arunima Kumar and Sourasis Bose in Bengaluru; Enhancing by Arun Koyyur)
