08:25 AM EDT, 03/12/2024 (MT Newswires) -- Archer-Daniels-Midland Company ( ADM ) said Tuesday that it has developed a remediation plan regarding a material weakness in its internal control over financial reporting related to its accounting practices and procedures for intersegment sales.

The remediation plan followed an internal investigation led by its board's audit committee regarding certain accounting practices and procedures with respect to its nutrition reporting segment, the company said, adding the investigation was first announced in January.

"The adjustments related to the company's reporting segments do not impact our consolidated statement of earnings," Chairman and Chief Executive Officer Juan Luciano said in a release.

Shares of Archer-Daniels-Midland ( ADM ) were up 3.4% in recent premarket activity.

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