Afternoon Briefing: ADM CFO placed on leave amid accounting investigation

Good afternoon, Chicago.

An accounting investigation is underway at Archer-Daniels-Midland and the top financial executive at the agribusiness giant has been placed on administrative leave.

The company postponed the release of its annual and quarterly financial reports that were scheduled for Tuesday and shares of the Chicago company tumbled 21% at the opening bell Monday.

Chief Financial Officer Vikram Luthar was placed on leave, effective immediately.

ADM was the subject of a nonfiction book titled “The Informant” in 2000, and an ensuing film starring Matt Damon, about a 1990s price-fixing scheme for the animal feed additive lysine. Three ADM executives were convicted and the company paid about $100 million in fines.

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