The conjecture fails for multigraphs (multiple arcs are allowed). Counterexamples for multidigraphs have been given by Grinberg [G], Jirásek [J] and Thomassen [T].
Surprisingly, the conjecture remains open for tournaments.
Bibliography
*[A] A. Ádám, Problem 2. In Theory of Graphs and its Applications (M. Fiedler, ed.), 234. (1964) Publishing House of the Czechoslovak Academy of Sciences, Prague.
[G] E.Y. Grinberg, Examples of non-Ádám multigraphs (in Russian) Latv. Mat. Ezhegodnik, 31 (1988), pp. 128–138
[J] J. Jirásek, On a certain class of multidigraphs, for which reversal of no arc decreases the number of their cycles, Comment. Math. Univ. Carolinae, 28 (1987), pp. 185–189.
[T] C. Thomassen, Counterexamples to Ádám's conjecture on arc reversals in directed graphs, J. Combin. Theory Ser. B, 42 (1987), pp. 128–130.
* indicates original appearance(s) of problem.