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Archer Daniels Midland (NYSE:ADM) wobbles between gains and losses in late trading Thursday after Reuters reported FBI agents delivered grand jury subpoenas to current and former company employees this week.
The subpoenas show the criminal probe into ADM’s (ADM) accounting issues disclosed in January is moving fast and directly relates to accounting issues the company said in January were the subject of an internal probe, Reuters said.
The subpoenas reportedly seek information and communications, as well as devices containing those communications, relating to certain ADM (ADM) accounting information, including details on goods and cash transferred between company segments.
Authorities also are seeking information on below-cost sales from ADM’s (ADM) Carbohydrate Solutions and Agricultural Services & Oilseeds units to its Nutrition division, according to the report.
ADM (ADM) shares are down 20% since the January disclosure that the company had suspended its CFO and was delaying financial results due as it conducted an internal probe into accounting practices related to the Nutrition division.
