(Reuters) – Grain trader Archer-Daniels-Midland said on Friday it expects to report material weakness in the internal control over financial reporting in its annual report, which it aims to file by March 15.
Shares of the company fell 2% before the bell.
The company’s finance chief Vikram Luthar was placed on administrative leave in January amid a probe over its accounting practices at its Nutrition segment. It had also delayed reporting its fourth-quarter results.
ADM said it was developing a remedial plan to address the weakness related to its accounting practices and procedures for intersegment sales.
(Reporting by Arunima Kumar and Sourasis Bose in Bengaluru; Editing by Arun Koyyur)
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