ADM's multiple accounting errors and SEC probe are ‘highly concerning' to investors [Fortune]
SOPHiA GENETICS SA - Ordinary Shares (SOPH)
Company Research
Source: Fortune
Now more financial mismanagement has caused ADM to abruptly postpone its third-quarter earnings call that was scheduled for Tuesday. The company announced on Monday that while testing internal controls, it identified additional misclassified transaction sales for each of its Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition segments. Following a dialogue with the U.S. Securities and Exchange Commission (SEC), ADM will amend its Q1 and Q2 2024, and 2023 financial statements. Its stock price fell by 8% at market opening on Tuesday and down about 6% at market close. ADM has repeatedly violated Generally Accepted Accounting Principles, which have forced the company to restate its financial statements, according to Rick Warne, a professor of accounting at the University of San Diego's Knauss School of Business. “A series of accounting errors indicate that ADM has fundamental problems in its financial reporting processes that need to be resolved,” Warne said. For Q3, ADM
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SOPH
Earnings
- 11/5/24 - Miss
SOPH
Sec Filings
- 11/19/24 - Form 144
- 11/19/24 - Form 144
- 11/19/24 - Form 144
- SOPH's page on the SEC website