A Costly Miscalculation: The UPS Earnings Misrepresentation Saga

Read Financial services Sanctions & Fines

Date: 22nd Nov, 2024 Source: In-House Country: USA

Brief

"On November 22, 2024, the Securities and Exchange Commission announced settled charges against United Parcel Service Inc. for misrepresenting earnings by failing to follow GAAP in valuing its worst-performing business unit, UPS Freight. The SEC found that UPS relied on unreliable third-party valuations, ignoring its own well-founded sale price estimates, which would have resulted in lower reported earnings."

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A Costly Miscalculation: The UPS Earnings Misrepresentation Saga

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