Cenex Harvest States (CHS) will be restating their earnings for the last number of years as well as net assets because an employee intentionally messed with the cooperatives financials. Seems a bit strange that a singular person could tamper with financials to this extent (overstatement of earnings by $100-$190 million for years 2014-2018) without it being caught in an audit.
This was announced via a SEC filing today. As a cooperative they have no common stock trading, but as almost all of us know they have 5 issues of preferred stock trading which you can see on the Master List.
We post this information because there is a slight chance of a over reaction by investors come Monday and for those with an interest there may be a quick ‘sale’ held. Personally we believe this is a somewhat non-event, but the cooperative has been rather poorly managed in the last couple of years.